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’s Reverter Rights by entering into a First Amendment to the Agreement for Sale of Land and Redevelopment and a Subordination Agreement in order to permit financing necessary for the redevelopment of eight (8) affordable two-family homes. Entity Name: Urban League of Essex County Opportunity Corporation Entity Address: 508 Central Avenue, Newark, New Jersey 07107 Sale Amount: $85,682.00 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) 208-210 Fairmount Avenue/Block 262/Lot 10 and 11/West Ward 172-178 Fairmount Avenue/Block 262/Lot 26, 27, and 28/West Ward 147 Camden Street/Block 262/Lot 35/West Ward 187 Fairmount Avenue/Block 263/Lot 41/West Ward 195 Fairmount Avenue/Block 263/Lot 45/West Ward Additional Information: Resolution 7R3-a adopted on January 6, 2016, authorized the Private Sale/Redevelopment Agreement. A Public Hearing will be held during the Special Meeting/Conference on Tuesday, July 11, 2023 at 10:00 A.M. in the Council Chamber.