Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To preserve and redevelop the property into approximately seven (7) units of affordable housing. Entity Name: Life Management, Inc. Entity Address: 77 Park Street, Montclair, NJ 07042 Sale Amount: $82,436.00 Cost Basis: (X ) $ 2.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $ 593,400.00 Appraised Amount: $ N/A Contract Period: Commencing within three (3) months and completed within eighteen (18) months from the transfer of ownership. 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) 527-533 Mt. Prospect Ave./682/25/North Additional Information: N/A Deferred 7R3-i 070313