Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop properties into a mixed-use retail and affordable apartment complex. Entity Name: MA Legacy Group, LLC Entity Address: Newark, New Jersey 07112 Sale Amount: $148,800.00 Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $515,300.00 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) 827-829 Bergen Street/Block 3590/Lot 33/South Ward 831-833 Bergen Street/Block 3590/Lot(s) 35, 36/South Ward 835 Bergen Street/Block 3590/Lot 37/South Ward 837-839 Bergen Street/Block 3590/Lot(s) 38, 39/South Ward 841-843 Bergen Street/Block 3590/Lot 40.01/South Ward 845 Bergen Street/Block 3590/Lot 40.02/South Ward Additional Information: Sale Price: Total Square Footage X PSF = 24,800 X $6.00 = $148,800.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.