Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To rehabilitate industrial property utilized for light manufacturing. Entity Name: Margate 1270 McCarter Highway, LLC Entity Address: 250 Passaic Street, Newark, New Jersey 07104 Sale Amount: $875,000.00 Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other: Assessed Amount: $1,059,900.00 Appraised Amount: $875,000.00 Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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) 281-289 Passaic Street/Block 436/Lot 13/Central Ward 1266-1270 McCarter Highway/Block 436/Lot 18 and 20/Central Ward 1272 McCarter Highway/Block 436/Lot 21/Central Ward 1274 McCarter Highway/Block 436/Lot 22/Central Ward Additional Information: Sale Price: Negotiated Price = $875,000.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties. Deferred 7R2-a 060524