Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Redevelop/reconstruct existing apartments into seventeen (17) affordable housing rental units Entity Name: Essex Property Management Group, LLC Entity Address: 59 East Runyon St., Newark, New Jersey 07114 Sale Amount: $343,750.00 Cost Basis: ( ) $4.00 PSF ( X ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $647,000.00 Appraised Amount: $N/A Contract Period: To be commenced within 3 months and be completed within 18 months from the transfer of ownership by the City. Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions (X ) RFP ( ) RFQ ( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a List of Property: (Address/Block/Lot/Ward) 611-613 Clinton Avenue/Block 3004/Lot 30/South Ward Additional Information: