Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To create a modern luxury apartment complex for rental purposes. Entity Name: 394 and 396-400 Broad Street, LLC Entity Address: 620-624 Orange Street, Newark, New Jersey 07107 Sale Amount: $83,382.39 Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $216,200.00 Appraised Amount: $0.00 Contract Period: To be commenced within three (3) months and be completed within twenty-four (24) months following transfer of property ownership by the City 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) 394 Broad Street/Block 29/Lot 5/Central Ward 396-400 Broad Street/Block 29/Lot 2/Central Ward Additional Information: Sale Price: Total Square Footage X PSF = 8,338.239 X $10.00 = $83,382.39. 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-c100621 Deferred 7R2-a 102021 Deferred 7R2-a 110421 Deferred 7R2-a 111521 Deferred 7R2-a 120121