Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To construct a Five-Story Mixed Use Development with parking and ground floor retail spaces. Entity Name: 269 Springfield Avenue, LLC Entity Address: 500 Avenue P, Newark, New Jersey 07105 Sale Amount: $164,107.20 Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $981,200.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within twenty-four (24) months from the transfer of 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) 285 Springfield Avenue/Block 2518/Lot 1/Central Ward 283 Springfield Avenue/Block 2518/Lot 2/Central Ward 281 Springfield Avenue/Block 2518/Lot 3/Central Ward 279 Springfield Avenue/Block 2518/Lot 4/Central Ward 277 Springfield Avenue/Block 2518/Lot 5/Central Ward 275 Springfield Avenue/Block 2518/Lot 6/Central Ward 269-273 Springfield Avenue/Block 2518/Lot 7/Central Ward 11-13 Boyd Street/Block 2518/Lot 11/Central Ward 5 Sayre Street/Block 2518/Lot 43/Central Ward 7-9 Boyd Street/Block 2518/Lot 61/Central Ward 14 Boyd Street/Block 2519/Lot 47/Central Ward 12 Boyd Street/Block 2519/Lot 48/Central Ward 8-10 Boyd Street/Block 2519/Lots 49 and 50/Central Ward 6 Boyd Street/Block 2519/Lot 51/Central Ward 265-267 Springfield Avenue/Block 2519/Lots 52 and 53/Central Ward 261-261 ½ Springfield Avenue/Block 2519/Lot 56/Central Ward Additional Information: Sale Price: Total Square Footage x PSF = 41,026.8 X $4.00 = $164,107.20 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.