Dept./ Agency: Economic and Housing Development Action: (X) Ratifying (X) Authorizing (X) Amending Type of Service: Private Sale/Redevelopment Purpose: A First Amendment to the Redevelopment Agreement to subordinate the City’s reverter rights to permit financing necessary for the redevelopment of a two-family house project. Entity Name: Algorithm Real Estate Holdings Limited Liability Company Entity Address: 200 Renner Avenue, Newark, New Jersey 07112 Sale Amount: $20,831.40 Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $22,700.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within eighteen (18) months from the transfer of property ownership from the City to the Redeveloper Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ (X) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a (Address/Block/Lot/Ward) 268 Seymour Avenue/Block 3597/Lot 18/South Ward Additional Information: Resolution 7R2-c adopted on August 20, 2019, authorized the Sale and Redevelopment Agreement.