Dept./ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing (X) Amending Type of Service: Private Sale/Redevelopment/Subordination Agreement Purpose: An Agreement entering into a Fourth Amendment to the Agreement for Sale and Redevelopment of Land to permit financing necessary for the following: (i) construction of two (2) buildings consisting of sixteen (16) affordable housing units through rehabilitation and new construction, including six (6) affordable housing units on Block 364, Lot 27 and ten (10) affordable housing units along with approximately 1,900 square feet of commercial and community space shall be located on that portion of the Property located at 650-656 Springfield Avenue and identified on the official Tax Map of the City as Block 364, Lot 1.05 on the City’s official tax maps (the “650 Springfield AH Project”) (ii) construction of forty-two (42) market rate residential units, located on that portion of the Property know as 704-708 South 17th, 701-707 South 16th Street, and 709-717 South 16th Street and identified on the official Tax Map of the City as Block 364, Lots 1.01, 1.02, and 1.03 (the “RISE Project”); and (iii) construction of eighteen (18) market rate residential units within one (1) building located on that portion of the Property known as 712-722 South 17th Street and identified on the official Tax Map of the City as Block 364, Lot 1.04 (the “FNA Project” and together with the 650 Springfield AH Project and the RISE Project, the “Project”). Entity Name: 650 Springfield Ave Urban Renewal, LLC, 41 19th Ave Urban Renewal, LC, and RISE REO Urban Renewal, LLC Entity Address: 61 Deans Lane, Monmouth Junction, New Jersey 08852 Sale Amount: $0.00 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) 704-708 South 17th Street/Block 364/Lot 1.01/South Ward 701-707 South 16th Street/Block 364/Lot 1.02/South Ward 709-717 South 16th Street/Block 364/Lot 1.03/South Ward 712-722 South 17th Street/Block 364/Lot 1.04/South Ward 650-656 Springfield Avenue (aka 724-736 South 17th Street)/Block 364/Lot 1.05/South Ward 710 South 17th Street/Block 364/Lot 27/South Ward Additional Information: Resolution 7R2-g(AS) adopted on April 19, 2017, authorized the Private Sale/ Redevelopment Agreement. Resolution 7R2-g(AS) adopted on July 22, 2020, authorized the First Amendment to Agreement for Sale of Land and Redevelopment. Resolution 7R2-d(as) adopted on April 20, 2022, authorizing subordination and Second Amendment to Agreement for Sale of Land and Redevelopment. Resolution 7R2-a(s) adopted on May 16, 2023, authorizing subordination and Third Amendment to Agreement for Sale of Land and Redevelopment