Dept/ Agency: Economic and Housing Development Action: (X) Ratifying (X) Authorizing (X) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide an Agreement to subordinate the City’s reverter rights by entering into a First Amended Agreement for the Sale of Land and Redevelopment and a Subordination Agreement to enable the Redeveloper to obtain financing necessary for the redevelopment of six (6) three-unit townhomes. Entity Name: Metamorphosis Development Enterprise, LLC Entity Address: Neptune, New Jersey 07753 Sale Amount: $60,000.00 Cost Basis: ( ) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $187,700.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) and be completed within eighteen (18) months from transfer of ownership by the City 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) 361-363 South 8th Street/Block 281/Lot 34/Additional Lot 35/Central Ward 365 South 8th Street/Block 281/Lot 36/Central Ward 394 South 9th Street/Block 281/Lot 3/Central Ward 396 South 9th Street/Block 281/Lot 2/Central Ward 398 South 9th Street/ Block 281/Lot 1/Central Ward Additional Information: Resolution 7R2-b adopted on December 5, 2018, authorized the Sale and Redevelopment Agreement. Metamorphosis Development Enterprise, LLC, 40 Clinton Street, Suite 300, Newark, New Jersey 07102, previously known address. Deferred 7R2-b 062723 A Public Hearing will be held on Tuesday, July 19, 2023 at 12:30 P.M. in the Council Chamber or a date soon thereafter practical, in the Council Chamber.