Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Authorize the Mayor and Deputy Mayor/Director of Economic and Housing Development or his designee to enter into a contract for the private sale and redevelopment of a portion of Blocks 2556 and 2563 with Old Third Ward Redevelopment, LLC. Entity Name: Old Third Ward Redevelopment, LLC. Entity Address: Three East Stow Road, Marlton, NJ 08053 Sale Amount: $3,712,000.00 Cost Basis: ( ) $2.00 PSF (X) Negotiated ( ) N/A ( ) Other: Assessed Amount: $14,639,200.00 Appraised Amount: $N/A Contract Period: Both the First and Second Phases shall be completed within eighteen (18) months of Commencement of each Phase 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) 1-55 Somerset Street/2556/1/CW 136-146 Spruce Street/2556/61/CW 28-82 Barclay Street/2556/62/CW 84-140 Barclay Street/2563/1/CW 135-145 Spruce Street/2563/75/CW 57-117.5 Somerset Street/2563/76/CW Additional Information: The redevelopment project will consist of a total of one hundred sixteen (116) units of deed restricted rental housing and two parks with a size equal to or greater than the square footage of the existing parks on the property.