Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Redevelop vacant lots into a paved, striped, and fenced parking lot to be used as ancillary parking to support the businesses at 95 Broadway. Entity Name: LB Associates, LLC Entity Address: 175 Mt. Pleasant Ave., Newark, New Jersey 07104 Sale Amount: $30,000.00 Cost Basis:) $4.00 PSF ( X ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $210,600.00 Appraised Amount: $229,000.00 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 ( ) RFP ( ) RFQ ( X ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a List of Property: (Address/Block/Lot/Ward) 265 Broad Street/Block 442.01/Lot 24/Central Ward 267 Broad Street/Block 442.01/Lot 25/Central Ward 267½ Broad Street/Block 442.01/Lot 58/Central Ward 269 Broad Street/Block 442.01/Lot 59/Central Ward Additional Information: Total Square Footage = 7,270.89