Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop a Hydroponic Farm and a four (4) story mixed-use building with a Farmers Market, office space, and three (3) affordable apartments. Entity Name: Newark Science and Sustainability, Inc. Entity Address: 95 Orchard Street, Newark, New Jersey 07102-3407 Sale Amount: $33,324.46 Cost Basis: (X ) $2.00-$4.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $244,800.00 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) 3-5 Fairmount Avenue/Block 1843/Lot 5/West Ward 7 Fairmount Avenue/Block 1843/Lot 7/West Ward 8-12 3rd Street/Block 1848/Lot 11/West Ward Additional Information: Total Square Footage Fairmount Ave: 5,239.97 at $2.00 per sf. = $10,479.94 Total Square Footage 3rd Street: 5,711.13 at $4.00 per sf. = $22,844.52 Total Purchase Price: $33,324.46 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.