Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Develop a 4-story market rate apartment building. Entity Name: Newark Burnet, LLC Entity Address: 128 Main Avenue, Passaic, New Jersey 07055 Sale Amount: $37,103.52 Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $194,600.00 Appraised Amount: $160,000.00 Contract Period: To be commenced within 3 months and be completed within 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 Properties: (Address/Block/Lot/Ward) 46 Burnet Street/Block 44/Lot 40/Central Ward 48½ Burnet Street/Block 44/Lot 42/Central Ward 48 Burnet Street/Block 44/Lot 43/Central Ward 44 Burnet Street/Block 44/Lot 44/Central Ward 42 Burnet Street/Block 44/Lot 45/Central Ward Additional Information: Total Square Footage = 9,275.88 x $4.00 = $37,103.52 Sale Price as set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned property.