Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Rehabilitate the properties as rental or for-sale housing. Entity Name: Gateway Property Development, LLC. Entity Address: 67 Chelsea Avenue, Newark, New Jersey 07106 Sale Amount: $20,000.00 Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $335,700.00 Appraised Amount: N/A Contract Period: To be commenced 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) 411 So. 14th Street/Block 318/Lot 11/West Ward 434 So. 19th Street/Block 322/Lot 54/West Ward Additional Information: Total Square Footage = 5,000. X $4.00 = $20,000.00 Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004 establishing the minimum sale price of City-owned property