Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( X ) Amending Type of Service: Private Sale/Redevelopment Purpose: Authorizing First Amendment to the Redevelopment Agreement with Morris Doremus Avenue Associates Urban Renewal, LLC, authorized by Resolution 7Rp adopted on May 3, 2006, to remediate and redevelop City-owned property. Entity Name: Morris Doremus Avenue Associates Urban Renewal, LLC Entity Address: 350 Veterans Boulevard, Rutherford, New Jersey 07070 Sale Amount: $226,000.00 Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A ( X ) Other: Appraised Value Assessed Amount: $146,800.00 Appraised Amount: $226,000.00 Contract Period: Construction to be commenced within two (2) months after construction permits are issued and to be completed within forty-eight (48) months from the Redeveloper’s acquisition of all property needed for the redevelopment. 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) 191-269 Doremus Avenue Rear/Block 5016/Lot 6/East Ward 173-189 Doremus Avenue/Block 5016.01/Lot 20/East Ward Additional Information: Total Square Footage: 18,009 Total Purchase Price (Appraised Value): $226,000.00 (Approx. $12.55 per sf) Resolution 7RP, adopted on May 3, 2006, designated Morris Doremus Avenue Associates, LLC as the Redeveloper of the property.