Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop City-owned properties into a four (4) story community resource hub and parking lot for the adjacent redeveloper-owned building. Entity Name: The Chad School Foundation, Inc. Entity Address: 24 Commerce Street, Suite 1430, Newark, New Jersey 07102 Sale Amount: $143,040.00 Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $126,500.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within twenty-four (24) months following the 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) 321-325 South 9th Street/Block 1782/Lot 32/West Ward 306 South 9th Street/Block 1781/Lot 53/West Ward 304 South 9th Street/Block 1781/Lot 54/West Ward 302 South 9th Street/Block 1781/Lot 55/West Ward 302 ½ South 9th Street/Block 1781/Lot 70/West Ward Additional Information: Sale Price: Total Square Footage X PSF = 14,304 X $10.00 = $143,040.00. 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-b 111422 Deferred 7R2-b (s) 112222