Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Rehabilitate the property to create a mix of eight (8) one and two bedroom units of affordable and market rate rental housing units Entity Name: A.T.S. Development Group, LLC. Entity Address: 27 Austin Street, Newark, New Jersey 07114 Sale Amount: $26,215.20 Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $398,000.00 Appraised Amount: $175,000.00 Contract Period: To commence within three (3) months and be completed within twenty-four (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) 449 Washington Street/Block 115/Lot 15/Central Ward Additional Information: Total Square Footage 3,276.9 X $8.00 = $26,215.20 Total development cost estimated at $1.5 million