Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of two (2) two-family homes, both homes will be rented at an affordable rate of 60%-80% AMI Entity Name: DW2 Construction LLC Entity Address: 349 Avon Avenue, Newark, New Jersey, 07108 Sale Amount: $72,862.50 Cost Basis: (X) $15.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $51,400.00 Appraised Amount: n/a 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 Properties: (Address/Block/Lot/Ward) 68 Kent Street/Block 2615/Lot 32/South Ward 70 Kent Street/Block 2615/Lot 33/South Ward Additional Information: Sale Price: Total Square Footage X PSF = 4,857.50 X $15.00 = $72,862.50. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.