Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Redevelopment of the property for use as a professional community boxing gym Entity Name: Ibn-Ali Boxing Club Entity Address: 699 Springfield Avenue, Newark, New Jersey 7103 Sale Amount: $11,300.00 Cost Basis: (X ) $2.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $204,300.00 Appraised Amount: $N/A Contract Period: To commence 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 (X) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a List of Property: (Address/Block/Lot/Ward) 308-310 Clinton Place//Block 3633/Lot 10/South Ward Additional Information: Actual calculation; 5,655 sq. ft. X $2.00 = $11,310.00