Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop the properties into a community center and social hub. Entity Name: Newark Knights Foundation, a NJ Non-Profit Corporation Entity Address: 671 Springfield Avenue, Newark, New Jersey 07103 Sale Amount: $75,816.00 Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $178,200.00 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) 673-675 Springfield Avenue/Block 2637/Lot 3/South Ward 677 Springfield Avenue/Block 2637/Lot 2/South Ward 679 Springfield Avenue/Block 2637/Lot 1/South Ward Additional Information: Total Price: Square Footage X PSF = 12,636 X $6.00 = $75,816.00. 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-e 0713222