Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide for the demolition of existing structures upon the site, design, site preparation, including any remediation of the property as may be required for the extension of the Developer’s present business, or for such other purposes as may be consistent with the Redevelopment Plan. Entity Name: Sherman Avenue Development, LLC Entity Address: 2081 McCarter Highway, Newark, New Jersey 07104 Sale Amount: $425,000.00 Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $1,630,500.00 Appraised Amount: $1,500,000.00 Contract Period: To commence within three (3) months and be completed within two (2) years from the 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) 2104 McCarter Highway/Block 827/Lot 1 (Inclusive of Lot 1.B01)/North Ward Additional Information: Total Lot Square Footage: Assessed Amount: $1,630,500.00 Appraised Amount: $1,500,000.00 Remediation Credit: -$575,000.00 Improvement Credit: -$100,000.00 Negotiated Sale Price: $425,000.00