Dept./ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing (X) Amending Type of Service: Subordination Agreement Purpose: An Agreement to Subordinate the City of Newark's Reverter Rights by entering into a First Amendment to Agreement for the Sale and Redevelopment of Land and a Subordination Agreement in order to permit the Redeveloper to obtain the financing necessary for the development of two (2) multi-family units for rent to the community at a reasonable market rate. Entity Name: Maximum Holding Group 1, LLC Entity Address: 1162 Saint Georges Avenue, Suite 265, Avenel, New Jersey 07001 Sale Amount: N/A Cost Basis: ( ) $ PSF ( ) Negotiated (X) N/A ( ) Other: Assessed Amount: N/A Appraised Amount: N/A Contract Period: Not Applicable Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ ( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a List of Properties: (Address/Block/Lot/Ward) 437 South 17th Street/Block 321/Lot 23/West Ward 496 South 17th Street/Block 327/Lot 41/West Ward Additional Information: Resolution 7R2-i adopted on November 21, 2023, authorized the Private Sale/Redevelopment between Maximum Holding Group 1, LLC and the City of Newark