Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To convey city-owned property to facilitate redevelopment of the NJIT Gateway Plan Properties. Entity Name: New Jersey Institute of Technology Entity Address: University Heights, Newark, New Jersey 07102-1982 Sale Amount: $180,000.00 Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A ( X ) Other: Appraised Amount Assessed Amount: $454,400.00 Appraised Amount: $180,000.00 Contract Period: Twenty-four (24) months from the date of transfer 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) 257 Martin Luther King Boulevard/Block 2857/Lot 13/Central Additional Information: Deferred 7R2-d(s) 101420 Deferred 7R2-a 102120 Deferred 7R2-a 110520 Deferred 7R2-a 111820 Deferred 7R2-a 120220