7R2-h 23-0553 Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide for new construction of a mixed-use building with retail/office on the 1st floor and three (3) residential units to sell for market rate. Entity Name: 109 North 7th Street, LLC Entity Address: 606 Ocean Road, Suite E, Point Pleasant, New Jersey 08742 Sale Amount: $19,760.00 Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $21,300.00 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) 109 North 7th Street/Block 1888.01/Lot 67/West Ward Additional Information: Sale Price: Total Square Footage X PSF = 2,470 X $8.00 = $19,760.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.