Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of a four-story building, consisting of 13 residential units of which one unit will be rented at an affordable rate below 80% AMI. Entity Name: IBN Construction Corporation Entity Address: 49 Hermon Street, Newark, New Jersey 07105 Sale Amount: $102,603.00 Cost Basis: (X) $23.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $88,400.00 Appraised Amount: n/a Contract Period: To commence within three (3) months and be completed within eighteen (18) 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) 48-52 Pennsylvania Avenue/Block 2821/Lot 8/East Ward Additional Information: Sale Price: Total Square Footage X PSF = 4,461 X $23.00 = $102,603.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties. Deferred 7R2-j 080526

Resolution Held in Council Introduced May 28, 2026

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