Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Rehabilitate the property by reconstructing the existing apartments into twelve (12) rental units Entity Name: IBN Construction Corp. Entity Address: 49 Hermon Street, Newark, New Jersey 07105 Sale Amount: $105,000.00 Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A (X ) Other: Proposal Assessed Amount: $61,500.00 Appraised Amount: $N/A Contract Period: To be commenced within 3 months and be completed within 18 months from the transfer of ownership by the City. Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions (X ) RFP ( ) RFQ ( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a List of Property: (Address/Block/Lot/Ward) 312-314 Mt. Prospect Avenue/Block 558/Lot 6/North Ward Additional Information: