Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Construct a mixed-use commercial and market rate residential development with parking Entity Name: Ganesh Ji Springfield, L.L.C. Entity Address: 2449 JFK Boulevard, Suite 100, Jersey City, New Jersey 07304 Sale Amount: $314,529.68 Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $1,041,700.00 Appraised Amount: $1,400,000.00 Contract Period: To be commenced 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) 473 Springfield Avenue/Block 2608/Lot 17/Central Ward 457 Springfield Avenue/Block 2608/Lot 22/Central Ward 402-416 18th Avenue/Block 2608/Lot 23/Central Ward 455 Springfield Avenue/Block 2608/Lot 26/Central Ward 453 Springfield Avenue/Block 2608/Lot 27/Central Ward 451 Springfield Avenue/Block 2608/Lot 28/Central Ward 400 18th Avenue/Block 2608/Lot 65/Central Ward 418 18th Avenue/Block 2608/Lot 74/Central Ward Additional Information: Total Square Footage = 78,632.42 X $4.00 = $314,529.68 Sale Price as set forth by Ordinance 6S&Fh, adopted April 7, 2004, establishing the minimum sale price of City-owned property.