Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Rehabilitate the property as affordable rental or for-sale housing. Entity Name: Newark Empowerment Group, LLC. Entity Address: 34 Millington Avenue, Newark, New Jersey 07108 Sale Amount: $20,000.00 Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $118,400.00 Appraised Amount: $0.00 Contract Period: To be commenced within three (3) months and be completed within twelve (12) months from the transfer of ownership by the City Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ (X) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a List of Property: (Address/Block/Lot/Ward) 392-394 Leslie Street/Block 3724-02/Lot 82/South Ward Additional Information: (Address/Ward/Block/Lot/Size/Sq. Feet) 392-394 Leslie Street/South/3724-02/82/50X100/5,000 Total Purchase Price: $20,000.00 ($4.00 per sf.) Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned Property