Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop properties into multi-family modular units of artist housing. Entity Name: Lincoln Park/Coast Cultural District, Inc. Entity Address: Newark, New Jersey 07102 Sale Amount: $148,668.60 Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A () Other: Assessed Amount: $404,500.00 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) 26 Thomas Street/Block 2821/Lot 6/East Ward 54 Pennsylvania Avenue/Block 2821/Lot 11/East Ward 68 Sherman Avenue/Block 2809/Lot 8/South Ward 11-15 Emmet Street/Block 2804/Lot (s) 15, 16, 17/South Ward 26 Parkhurst Street/Block 2821/Lot 18/East Ward 28 Parkhurst Street/Block 2821/Lot 17/East Ward 34-36 Parkhurst Street/Block 2821/Lot 13/East Ward 1109 Broad Street/Block 2822/Lot 34/East Ward Additional Information: Total Price: Square Footage X PSF = 24,778.10 X $6.000 = $148,668.60. 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 (s) 081622