Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment/ Assignment and Assumption Purpose: Assignment of Redevelopment rights from Springfield Avenue Market Place, LLC, current owner of 66-80 South Orange Avenue, Block 235, Lots 1-10, 53, 54, and 56 (now known as Block 235, Lot 1)(Central Ward) to KS 66-80 South Orange Avenue, LP, 556 Market Street, Newark, New Jersey 07105 in accordance with the approved Redevelopment Plan. Entity Name: KS 66-80 South Orange Avenue, LP Entity Address: 556 Market Street, Newark, New Jersey 07105 Contract Amount: Pursuant to the terms of the Agreement of Purchase and Sale dated August 12, 2019 between Seller and Buyer, including all amendments thereto, and the Final Order entered in the matter of Russell Springfield, LLC, et al., v. WKA Development Corp., et al., County of Essex, Chancery Division, General Equity Part, Docket No.: ESX-C-199-17 (hereinafter the “Final Order”) Funding Source: Not Applicable Contract Period: The commencement and completion dates shall be consistent with the Redevelopment Agreement, any amendments thereto, and the Assignment and Assumption of Developer’s Agreement and Consent to Assignment authorized herein Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ (X) Private Sale (X) Grant ( ) Sub-recipient ( ) n/a List of Property: 66-80 South Orange Avenue/Block 235/Lot 1/Central Ward (merged Lots 1-10, 53, 54 and 56) Additional Information: The Assignment and Assumption of the Developer’s Agreement and Consent to Assignment are being done in accordance with the Final Order. Resolution 7RDE(AS) adopted October 6, 2004, authorized the City to enter into the “Agreement for the Sale of Land and Redevelopment of Springfield Marketplace” with Springfield Avenue Marketplace, LLC. Resolution 7RCR(AS) adopted March 16, 2005, authorized the City to enter into the “Agreement for the Sale of Land and Redevelopment of Springfield Marketplace” with Springfield Avenue Marketplace, LLC, revising provisions of the Agreement authorized by Resolution 7RDE(AS) adopted on October 6, 2004. Resolution 7R3-A(S3) adopted on October 21, 2008, authorized the City to enter into the “Amendment to Agreement for Sale of Land and Redevelopment, dated April 6, 2005, and Letter Agreement dated February 26, 2007, for the Springfield Avenue Marketplace Project”, which assigned and transferred the redevelopment rights for Blocks 236, 237, and 238 from Springfield Avenue Marketplace, LLC to TDAF I Springfield Avenue Holding, LLC, as well as Block 236.01, Lots 1.01, 1.02, 1.03, and 1.04; Springfield Avenue Marketplace, LLC retained redevelopment rights for Block 235, Lots 1 through 10, 53, 54, and 56. Resolution 7R3-b adopted on September 2, 2015, authorized the City to enter into the “Assignment and Restatement of Redevelopment Agreement”, which assigned the redevelopments rights for Block 235, Lots 1 through 10, 53, 54, and 56, commonly known as 66-80 South Orange Avenue from Springfield Avenue Marketplace, LLC to Prince Orange South Holdings, LLC, c/o Snipes Companies, LLC.