Dept./ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing (X) Amending Type of Service: Private Sale/Redevelopment Purpose: An Agreement to Subordinate the City of Newark’s Reverter Rights by entering into a First Amendment to the Agreement for the Sale and Redevelopment of Land and a Subordination Agreement in order to permit Redeveloper to obtain financing necessary for the redevelopment of the property as a three family home and a two family home. Entity Name: Fresh Tone Homes, LLC Entity Address: 200 Main Street, Suite 101, Orange, New Jersey 07050 Sale Amount: $58,254.00 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 Property: (Address/Block/Lot/Ward) 106 4th Street/Block 1886/Lot 28/West Ward 102-104 4th Street/Block 1886/Lot 29/West Ward Additional Information: Resolution 7R2-c (s) adopted on July 2, 2019, designating Fresh Tone Homes, LLC as the Redeveloper and authorized the Agreement for the Sale and Redevelopment of Land.