Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To transfer land to the Newark Museum to redevelop certain property into an art exhibition park Entity Name: The Newark Museum Association Entity Address: 49 Washington Street, Newark, New Jersey 07102 Sale Amount: $1.00 Cost Basis: ( ) $ PSF (X ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $ 198,000.00 (land) Appraised Amount: n/a Contract Period: Completion within twenty-four (24) months of commencement of construction 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) 69 Washington Street, Newark, New Jersey 07102, Block 35, Lot 23 (Central Ward) Additional Information: Museum has agreed to demolish the building on the property