Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Authorization and Entry of Redevelopment Agreement for Sale of Block 51 Lots 1, 49, 50 and 59 Entity Name: Prudential Insurance Company of America Entity Address: 751 Broad Street, 5th Floor, Newark, New Jersey 07102 Sale Amount: $ 3,080,000.00 Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A ( x ) Other: Appraised Value Assessed Amount: $731,400.00 (Lot 49); $333,000.00 (Lot 50); $710,000.00 (Lots 59 & 1); Combined total $1,774,400.00 Appraised Amount: $ 3,080,000.00 Contract Period: 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) 645-651 Broad Street/Block 51, Lot49/Central Ward 653-655 Broad Street/ Block 51, Lot 50/Central Ward 665-671 Broad Street/ Block 51, Lots 59 and 1/Central Ward Additional Information: Resolution 7RA(S) 021302, Designated properties as area in need of redevelopment