Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Rehabilitate property as rental or for-sale housing. Entity Name: Ikenga Group, LLC. Entity Address: 656-658 S. 14th Street, Newark, New Jersey 07103 Sale Amount: $12,800.00 Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $155,100.00 Appraised Amount: $0.00 Contract Period: To be commenced within three (3) months and to be completed within twelve (12) months from the transfer of ownership by the City. Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ (X) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a (Address/Block/Lot/Ward) 126 S. 12th Street/Block 1858/Lot 42/West Ward Additional Information: Total Square Footage = 3,200. X $4.00 = $12,800.00 Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned property. Failed 7R2-a (s) 022217