Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Agreement by and among the City of Newark and Boraie Development, LLC Purpose: To avoid litigation and promote redevelopment within the City of Newark Entity Name: Boraie Development, LLC Entity Address: 120 Albany Street, Suite 800, New Brunswick, New Jersey 08901 Sale Amount: N/A Cost Basis: ( ) $ PSF ( ) Negotiated (X ) N/A ( ) Other: Assessed Amount: N/A Appraised Amount: N/A Contract Period: Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ ( ) Private Sale ( ) Grant ( ) Sub-recipient (X ) n/a List of Property: (Address/Block/Lot/Ward) Additional Information: This resolution authorizes an Agreement between the City of Newark, and Boraie Development, LLC to avoid litigation and promote redevelopment within the City of Newark.