Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Redevelop vacant land to expand adjacent business and build 2nd floor residential units. Entity Name: 401 Clinton Ave, LLC Entity Address: 401 Clinton Avenue, Newark, New Jersey 07108 Sale Amount: $30,000.00 Cost Basis: ( ) PSF ( ) Negotiated ( ) N/A (X) Other: Appraised Value Assessed Amount: $47,900.00 Appraised Amount: $ 30,000.00 Contract Period: To be commenced within 3 months and be completed within 18 months from the transfer of ownership by the City Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions (X) RFP ( ) RFQ (X) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a List of Property: (Address/Block/Lot/Ward) 399 Clinton Avenue/Block 2680/Lot 16/ South Ward Additional Information: Appraisal Report Attached to File