Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To expand museum facilities by developing residential units, including affordable residential units, and retail space for local Newark residents. Entity Name: The Newark Museum Association Entity Address: 49 Washington Street, Newark, New Jersey 07102 Sale Amount: $125,410.00 Cost Basis: (X) $4.00 and $1.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $ 3,974,500.00 Appraised Amount: Not Applicable 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) 47-55 Washington Street/Block 34/ Lot(s) 9, 10, 11, 12, 30, 35/Central Ward 65 Central Avenue/Block 35/Lot 29/Central Ward Additional Information: Sale Price: Total Square Footage X PSF = 30,352 X $4.00 + $1.00 = $125,410.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.