Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Construct approximately 90 units of affordable and market rate housing with thirty-five (35) parking spaces and one (1) commercial/retail space Entity Name: AC and J Restoration Group, Corporation Entity Address: 836 South 19th Street, Newark, New Jersey 07108-0710 Sale Amount: $200,000.00 Cost Basis: ( ) $15.00 PSF (X) Negotiated ( ) N/A ( ) Other: Assessed Amount: $635,400.00 Appraised Amount: $330,000.00 Contract Period: To commence within three (3) months and be completed within twenty (24) 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) 333 Mulberry Street/Block 884/Lot 18/Central Ward 337 Mulberry Street/Block 884/Lot 20/Central Ward 339 Mulberry Street/Block 884/Lot 22/Central Ward 17 Scott Street/Block 884/Lot 27/Central Ward 19 Scott Street/Block 884/Lot 26/Central Ward 21 Scott Street/Block 884/Lot 25/Central Ward 23 Scott Street/Block 884/Lot 24/Central Ward Additional Information: Appraised Value: $330,000.00 Estimated Demolition & Remediation: $95,000.00 Negotiated Sale Price: $200,000.00 Total Square Footage = 13,329.58 X $≈15.00 = $200,000.00 Deferred 7R2-d 051018