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 the Redeveloper to obtain financing necessary for the redevelopment of affordable rental or for-sale housing. Entity Name: 2-24 Mt Pleasant URE, LLC Entity Address: 411 Boulevard of the Americas, Suite 211, Lakewood, New Jersey 08701 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) 2-24 Mount Pleasant Avenue/Block 571.01/Lot 1/North Ward Additional Information: Resolution 7R2-c adopted on January 21, 2021, designated Newark Interfaith, LLC, as the redeveloper and authorized an Agreement for the Sale and Redevelopment of Land.