Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Construct an industrial complex with a warehouse and office space; and a biogas renewable energy facility which will consist of several buildings, including an office building and storage silos Entity Name: 38-60 Blanchard, LLC. Entity Address: 75 Parkhurst Street, Suite 2, Newark, New Jersey 07114 Sale Amount: $75,000.00 Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other: Assessed Amount: $1,206,500.00 Appraised Amount: $2,400,000.00 Contract Period: To be commenced within three (3) months and be completed within twenty-four (24) months 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) 38-60 Blanchard Street Rear/Block 5001/Lot 16/East Ward Additional Information: This resolution authorizes the sale and redevelopment of a contaminated site formerly used as a landfill. The appraised value of the property, without accounting for its environmental condition, is $2.4 million dollars. The estimated cost to remediate the site is $5.46 million dollars.