Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment/Transfer and Assignment Purpose: Assignment of Redevelopment rights from Springfield Avenue Market Place, LLC current owner of 66-80 South Orange Avenue, Block 235, Lots 1-10, 53, 54, and 56 (Central Ward) to Prince Orange South Holdings, LLC, c/o Snipes Companies, LLC, 395 Franklin Street, Bloomfield, New Jersey 07003 for the purpose of developing a new project of approximately Sixty (60) residential rental apartments along with associated parking. Entity Name: Prince Orange South Holding, LLC, c/o Snipes Companies, LLC Entity Address: 395 Franklin Street, Bloomfield, New Jersey 07003 Sale Amount: $N/A Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $N/A Appraised Amount: $ N/A Contract Period: Start and end dates Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ ( ) Private Sale ( ) Grant ( X ) Sub-recipient ( ) n/a List of Property: (Address/Block/Lot/Ward) 66-80 South Orange Avenue/Block 235, Lot 1 (merged lots 1-10, 53, 54 and 56)/ Central Ward Additional Information: Resolution No. 7RDE(AS) 100604; land sale agreement for development of Springfield Market Place Resolution No. 7RCR(AS) 031605; revised provisions to land sale agreement Resolution No. 7R3-A(S3) 102108; amendment to transfer of redevelopment rights Redevelopment rights to 66-80 South Orange Avenue, Block 235, Lots 1-10, 53, 54, and 56 are currently held by Springfield Avenue Marketplace, LLC; however Springfield Avenue Marketplace seeks to assign redevelopment rights to Prince Orange South Holdings, LLC. In 2008, Springfield Avenue Marketplace, LLC was permitted by the Municipal Council to assign its redevelopment rights to TDAF I Springfield Avenue Holding, LLC for commercial and retail development in accordance with its Redevelopment Agreement with the City.