Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To use existing lot to provide parking to adjacent property owned by Akram and Associates Holdings, LLC, located at 593 Springfield Avenue, Newark, New Jersey 07103 (Block 2620, Lot 7). Entity Name: ARA Construction, LLC Entity Address: 317 South Orange Avenue, Newark, New Jersey, 07103 Sale Amount: $15,997.50 Cost Basis: (X) $9.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $52,200.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within twelve (12) 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) 589 Springfield Avenue/Block 2620/Lot 9/South Ward Additional Information: Sale Price: Total Square Footage X PSF = 1,777.5 X $9.00 = $15,997.50. 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-e 080724 Deferred 7R2-c 090524 Deferred 7R2-b 091824