Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Develop one (1) new, and two (2) rehabilitated, affordable homes Entity Name: Gateway Property Development, LLC. Entity Address: 67 Chelsea Avenue, Newark, New Jersey 07106 Sale Amount: $30,695.00 Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $326,700.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within eighteen (18) 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) 508 S 16th Street/Block 333/Lot 53/West Ward 517 S 16th Street/Block 334/Lot 21/West Ward 593 15th Avenue/Block 334/Lot 28/West Ward Additional Information: Total Square Footage = 7,673.75 X $4.00 = $30,695.00 Sale at prices set forth by Ordinance 6S&FH adopted on April 7, 2004, establishing the minimum sale price of City-owned Properties