Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide new construction of a five (5) story multi-family residential apartment building, including residential parking and a fitness center. Entity Name: Yes Newark 616, LLC Entity Address: Newark, New Jersey 07102 Sale Amount: $41,760.00 Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $61,000.00 Appraised Amount: $0.00 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) 614 Dr. Martin Luther King Blvd/Block 103/Lot 54/Central Ward Additional Information: Sale Price: Total Square Footage X PSF = 5,220 X $8.00 = $41,760.00. 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-c 052423 Deferred 7R2-a 060723 Deferred 7R2-a 071923