7R2-b 24-0235 Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide for new construction of three (3) two-family homes for sale. Entity Name: Washington Bay Group 1, LLC Entity Address: Newark, New Jersey 07108 Sale Amount: $50,400.00 Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $93,200.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within eighteen (18) months following transfer of property ownership from the City to the Redeveloper 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) 699 South 11th Street/Block 2618/Lot 36/South Ward 701 South 11th Street/Block 2618/Lot 37/South Ward 697 South 11th Street/Block 2618/Lot 73/South Ward Additional Information: Sale Price: Total Square Footage X PSF = 8,400 X $6.00 = $50,400.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties. Deferred 7R2-d 030624 Deferred 7R2-b 032024