Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Remediate and rehabilitate vacant land to facilitate access to, and for the operation of, the adjacent business at 497 Raymond Boulevard Entity Name: Raymond Boulevard Properties, LLC Entity Address: 497 Raymond Boulevard, Newark, New Jersey 07105 Sale Amount: $140,000.00 Cost Basis: ( ) $ PSF ( X ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $ 567,000.00 Appraised Amount: $140,000.00 Contract Period: To be commenced within 3 months and be completed within 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) 55-57 Chapel Street/Block 2461.01/Lot 1/East Ward Additional Information: Approximately $1.99 per square foot Deferred 7R3-d 031616