ORDINANCE OF THE CITY OF NEWARK AUTHORIZING THE ACQUISITION BY PURCHASE OR CONDEMNATION OF 168-174 AND 176-188 BLANCHARD STREET, NEWARK, NEW JERSEY, COMMONLY KNOWN AS BLOCK 5001, LOTS 48 AND 49, ON THE OFFICIAL TAX MAP AND TAX DUPLICATES OF THE CITY (“THE PROPERTY”) IN THE AMOUNT NOT TO EXCEED ONE HUNDRED AND TWENTY (120%) PERCENT OF THE APPRAISED VALUE OF $1,400,000.00; THE APPROVAL OF THE APPRAISAL OF THE PROPERTY PREPARED BY THE FIRM OF LASSER SUSSMAN ASSOCIATES; THE ACCEPTANCE OF THE DEPOSIT OF ACQUISITION FUNDS BY THE REDEVELOPER; AND AN AGREEMENT BETWEEN THE CITY AND REDEVELOPER GOVERNING THE RECEIPT AND EXPENDITURE OF SAID DEPOSITED FUNDS. (EAST WARD)