Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Construct a five (5) story residential affordable housing complex with parking. Entity Name: The Washington Bay Group I, LLC. Entity Address: 811 Clinton Avenue, Newark, New Jersey 07108 Sale Amount: $57,200.00 Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $158,400.00 Appraised Amount: $0.00 Contract Period: To commence 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) 719 South 11th Street/Block 2631/Lot 5/South Ward 721 South 11th Street/Block 2631/Lot 6/South Ward 723 South 11th Street/Block 2631/Lot 53/South Ward 725 South 11th Street/Block 2631/Lot 7/South Ward 716-718 South 12th Street/Block 2631/Lot 46/South Ward Additional Information: Total Square Footage = 14,300 X $4.00 = $57,200.00 Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned Properties