Dept./ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing (X) Amending Type of Service: Private Sale/Redevelopment/Subordination Agreement Purpose: An Agreement to subordinate the City’s Reverter Rights by entering into a Second Amendment to the Agreement for Sale and Redevelopment of Land and a Subordination Agreement in order to permit financing necessary for the construction of two (2) buildings consisting of sixteen (16) affordable housing units through rehabilitation and new construction, together with approximately 1,900 square feet of commercial and community space and four (4) buildings consisting of sixty (60) market rate residential rental units. Entity Name: 650 Springfield Ave Urban Renewal, LLC and 41 19th Ave 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) 55 19th Avenue/Block 364/Lot 1/South Ward 709 South 16th Street/Block 364/Lot 9/South Ward 711 South 16th Street /Block 364/Lot 10/South Ward 713 South 16th Street/Block 364/Lot 11/South Ward 715 South 16th Street /Block 364/Lot 12/South Ward 717 South 16th Street/Block 364/Lot 13/ South Ward 650-656 Springfield Avenue/Block 364/Lot 21/South Ward 718-722 South 17th Street/Block 364/Lot 22/South Ward 714-716 South 17th Street/Block 364/Lot 24/South Ward 712 South 17th Street/Block 364/Lot 26/South Ward 708 South 17th Street/Block 364/Lot 28/South Ward 724-726 South 17th Street/Block 364/Lot 29/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.