Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Sale of City owned land for redevelopment purposes Entity Name: VerNewark Associates, LLC Entity Address: 401 South Street Newark, New Jersey 07105 Sale Amount: $220,000.00 Cost Basis: ( ) $ PSF ( x ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $ Appraised Amount: $ Contract Period: Start and end dates Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ ( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a List of Property: (Address/Block/Lot/Ward) 373-383 South Street/Block 5088/Lot 178/East Ward 373-395 South Street R/Block 5088/ Lot 142/East Ward Additional Information: Entity entitled to a $200,000.00 credit for cost related to environmental remediation Entity plans to expand the existing container business of Kearny Steel Container Ordinance 6S&FE 092105; 1st Amendment to East Ward Redevelopment Plan Ordinance 6S&FF 060601; Approved East Ward Redevelopment Plan Resolution 7RD)(AS) 061505; Designated City “Area in need of Rehabilitation”