Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: (1) Rehabilitate property as rental or for-sale housing; (2) Create ancillary parking for adjacent neighborhood restaurant Entity Name: V. Mitchell, LLC Entity Address: 553-555 Springfield Avenue, Newark, New Jersey 07103 Sale Amount: $31,345.60 Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A (X) Other:$8.00 PSF Assessed Amount: $203,700.00 Appraised Amount: $0.00 Contract Period: To be commenced within 3 months and be completed within 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) 399 S 15th Street/Block 319/Lot 31/West Ward 641 S 11th Street/Block 2618/Lot 11/ South Ward 557 Springfield Avenue/Block 2618/Lot 8/South Ward Additional Information: Project 1: Total Square Footage = 3,510. X $4.00 = $14,040.00 Sale to RFQ respondent at prices set forth by Ordinance 6S&Fh April 7, 2004 establishing the minimum sale price of City-owned property. Project 2: Total Square Footage = 2,163.2 X $8.00 = 17,305.60 Sale to RFQ respondent owning an adjacent business. Total Purchase Price: $31,345.60