Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Demolish the existing structure and combine the parcel with the adjacent property to develop a five-story, approximately thirty-five (35) unit mixed use apartment building with parking and ground level commercial space Entity Name: Stadium Rose Apartments LLC Entity Address: 421 Bloomfield Avenue, Newark, New Jersey 07107 Sale Amount: $201,000.00 Cost Basis: ( X ) $26.80 PSF ( X ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $204,900.00 Appraised Amount: $310,000.00 Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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) 484-488 Roseville Avenue/Block 1966/Lot 14/North Ward Additional Information: Total Square Footage = 7,500 X $26.80 = $201,000.00 Appraised Value: $310,000.00 Demolition Credit: $109,000.00 Negotiated Purchase Price: $201,000.00