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 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 an affordable mid-rise multi-family residential building. Entity Name: Springview Development Group LLC Entity Address: 1212 Springfield Avenue, Irvington, New Jersey 07111 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 Property: (Address/Block/Lot/Ward) 569 Springfield Avenue/Block 2618/Lot 1/South Ward 565-567 Springfield Avenue/Block 2618/Lot 3/South Ward 563 Springfield Avenue/Block 2618/Lot 5/South Ward 559-561 Springfield Avenue/Block 2618/Lot 7/South Ward 643 South 11th Street/Block 2618/Lot 12 /South Ward 645 South 11th Street/Block 2618/Lot 13/South Ward 647 South 11th Street/Block 2618/Lot 14/South Ward 649 South 11th Street/Block 2618/Lot 15/South Ward 651 South 11th Street/Block 2618/Lot 16/South Ward 653 South 11th Street/Block 2618/Lot 17/South Ward Additional Information: Resolution 7R2-c adopted on October 5, 2022, designating Springview Development Group LLC as the redeveloper and authorizing an Agreement for the Sale and Redevelopment of Land.