Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop a full amenities truck plaza Entity Name: Newark Truck Plaza, LLC Entity Address: 429-451 Frelinghuysen Avenue, Newark, New Jersey 07114 Sale Amount: $4,150,000.00 Cost Basis: ( ) $ PSF (X ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $0.00 Appraised Amount: $4,150,000.00 Contract Period: 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) 419-427 Frelinghuysen Avenue/Block 3542/Lots 4 and 36/South Ward Additional Information: This resolution authorizes the sale and redevelopment of a contaminated site formerly used as a maintenance garage. The appraised value of the property, without accounting for its environmental condition is $4,150,000.00. The estimated cost to demolish existing structures on the site and to remediate the site is estimated by the redeveloper to be approximately $4,126,000.00 of which the purchaser will be credited a maximum of $2,700,000.00, which credits will be reconciled prior to the issuance of a Certificate of Completion. The maximum credit of $2,700,000.00 is comprised of the following: - $240,165.47: Remediation performed and incurred by Newark Parking Authority, which costs were previously paid by Redeveloper; - $500,000.00: Maximum demolition credit; and - $1,959,834.53: Maximum remediation credit, which is distinct from remediation performed by Newark Parking Authority