Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To continue to operate a private career institute serving as Leaders for Life Academy High School rehabilitate two (2) classrooms, two (2) computer labs, common study area and industrial kitchen for classes. Entity Name: Leaders for Life, Inc. Entity Address: 84-86 Clinton Place, Newark, New Jersey 07108 Sale Amount: $198,660.00 Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A (X) Other: 30% Assessed Amount Assessed Amount: $662,200.00 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) 84-86 Clinton Place/Block 3035/Lot 10/South Ward Additional Information: Sale Price: Total Assessed Value X 30% = $662,200.00 X.30 = $198,660.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.