Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To create ancillary parking for adjacent restaurant business. Entity Name: Kings Urban Renewal Corporation Entity Address: 5 Garden Hills Drive, Somerset, New Jersey, 08873 Sale Amount: $125,000.00 Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other: Assessed Amount: $459,100.00 Appraised Amount: 0.00 Contract Period: To commence within three (3) months and be completed within twelve (12) 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) 315-321 Lyons Ave/Block 3054/Lot 34, 35, 36, and 37/South Ward 323-325 Lyons Ave/ Block 3054/Lot 38/South Ward Additional Information: King’s Restaurant is developing a new restaurant/catering hall at 304-306 Lyons Avenue; this site would provide parking for same. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.