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 Amended Redevelopment Agreement and a Subordination Agreement to enable Redeveloper to obtain financing necessary for the redevelopment of one (1) two-family house and two (2) three-family houses. Entity Name: Commercial Funding Group, LLC Entity Address: 490 East Kennedy Boulevard, Lakewood, New Jersey 08901 Sale Amount: Not Applicable Cost Basis: ( ) $ PSF ( ) Negotiated (X) N/A ( ) Other: Assessed Amount: Not Applicable Appraised Amount: Not Applicable Contract Period: Not Applicable Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ (X) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a List of Property: (Address/Block/Lot/Ward) 88-90 Milford Avenue/Block 2672/Lot 34/South Ward 92 Milford Avenue/Block 2672/Lot 35/South Ward 94 Milford Avenue/Block 2672/Lot 31/South Ward Additional Information: Resolution 7R2-g(S) adopted on July 2, 2019, authorized the Sale and Redevelopment Agreement.