Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Construction of a new two-family dwelling to be sold at market-rate on 393 South 10th Street, and new construction of a single-family home located at 412 South 8th Street restricted to a household earning up to 80% of the Area Median Income (AMI), with preference for a veteran or an individual with disabilities Entity Name: Burwell Enterprises LLC Entity Address: 511 S. Orange Ave #2087, Newark, New Jersey 07103 Sale Amount: $86,590.00 Cost Basis: (X) $21.00 for 393 South 10th Street and $16.00 for 412 South 8th Street PSF () Negotiated () N/A () Other: Assessed Amount: $60,800.00 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 Property: (Address/Block/Lot/Ward) 393 South 10th Street/Block 266/Lot 20/ West Ward 412 South 8th Street /Block 291/Lot 38/ Central Ward Additional Information: Sale Price: Total Square Footage X PSF = 2,790 X $21.00 = $58,590.00 and Total Square Footage X PSF = 1,750 X $16.00 = $28,000.00 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.