Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To construct a 30,000 sq. ft. industrial storage facility with 5,000 sq. ft. of office space Entity Name: 152 Rutherford Street Urban Renewal, LLC Entity Address: 124 Polk Street, Box S-2, Newark, New Jersey 07105 Sale Amount: $200,000.00 Cost Basis: ( ) PSF (X ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $547,100.00 Appraised Amount: $1,040,000.00 Contract Period: To commence within six (6) months and be completed within two (2) years 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) 152-164 Rutherford Street/Block 5056/Lot 20/East Ward Additional Information: Total Lot Square Footage: $64,599.48 Assessed Amount: $547,100.00 Appraised Amount: $1,040,000.00 Environmental Credit Amount: -$840,000.00 Negotiated Sale Price: $200,000.00