Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Construction of a five-story mixed-use building consisting of commercial space, residential units, and on-site parking Entity Name: Lagoon Property Development LLC Entity Address: 115 S 8th Street, Newark, New Jersey, 07107-0710 Sale Amount: $653,000.00 Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other: Assessed Amount: $233,100.00 Appraised Amount: $817,000.00 Contract Period: To commence within three (3) months and be completed within twenty-four (24) months following transfer of property ownership from the City to the Redeveloper 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) 520 Clinton Avenue /Block 3019/ Lot 8/ South Ward 522-524 Clinton Avenue / Block 3019/ Lot 9 and 10/ South Ward Additional Information: Sale Price: Negotiated = $653,000.00 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties