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 Sale and Redevelopment of Land and a Subordination Agreement in order to permit the Redeveloper to obtain financing, necessary for the rehabilitation of property to create an East Ward Affordable Housing Program Entity Name: Community Asset Preservation Corporation Entity Address: 100 Albany Street, Suite 250, New Brunswick, New Jersey 08901 Sale Amount: $3,360.00 Cost Basis: ( ) $ PSF ( ) Negotiated (X) N/A ( ) Other: Assessed Amount: $0.00 Appraised Amount: $0.00 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) 43 Cortland Street/Block 2483/Lot 40/East Ward 43 ½ Cortland Street/Block 2483/Lot 60/East Ward Additional Information: Resolution 7R3-a (s) adopted on March 11, 2014 authorized the for Agreement for the Sale and Redevelopment of Land for 43 ½ Cortland Street. Resolution 7R2-e (s) adopted on May 24, 2022, authorized the Agreement for the Sale and Redevelopment of Land for 43 Cortland Street.