Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To construct a five (5) story residential building including indoor parking. Entity Name: 240 Wright Street Newark, LLC Entity Address: 500 Avenue P, Newark, New Jersey 07105 Sale Amount: $50,000.00 Cost Basis: ( ) PSF (X) Negotiated ( ) N/A ( ) Other: Assessed Amount: $134,500.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within eighteen (18) months following transfer of Property ownership 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) 240 Wright Street/Block 1180/Lot 37/East Ward Additional Information: Sale Price: $50,000.00 - Negotiated Price 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-g 102120 Deferred 7R2-c 110520 Deferred 7R2-a(s) 111020 Deferred 7R2-c 111820 Deferred 7R2-c 120220 Deferred 7R2-c 122220 Deferred 7R2-b 010621 Deferred 7R2-b 012121