Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Develop two (2) three-family rental or for-sale homes Entity Name: Lilac Development Group, LLC. Entity Address: 18-20 Bloomfield Avenue, Belleville, New Jersey 07109 Sale Amount: $34,051.20 Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $63,800.00 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) 80 Montclair Avenue/Block 773/Lot 13/North Ward 143 Wakeman Avenue/Block 622/Lot 40/North Ward Additional Information: Total Square Footage = 8,512.8 X $4.00 = $34,051.20 Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned Properties Both properties have been demolished and the resulting assessment is revised to $63,800.00