Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( x ) Amending Type of Service: Private Sale/Redevelopment Purpose: To Amend the Redevelopment Agreement between the City and 36-54 Rector Street, LLC ,in order to modify the Project, revise the amount and method of satisfying the PLA Increase, revise the method of payment of the Purchase Price for the Property, and to amend certain deadlines relating to the sale and redevelopment of the Property Entity Name: 36-54 Rector, L.L.C. Entity Address: 36-54 Rector Street, Newark, New Jersey Sale Amount: $2, 750,000.00 Cost Basis: ( ) $ PSF ( x ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $ Appraised Amount: $ Contract Period: Construction Start Date - no later than May 2013 and completed within 24 months of start date. 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) 36-54 Rector Street, Newark, New Jersey; Block 17, Lot 26 Additional Information: Resolution 7R7-n 080608 , designated 36-54 Rector, LLC. as the redeveloper of the property 36-54 Rector Streeet..