Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing (X) Amending Type of Service: Settlement Agreement between the City of Newark, Boraie Development, LLC, and its related entity Arena Village, LLC Purpose: Amended Restated Settlement Agreement between the City of Newark, Boraie Development, LLC, and its related entity Arena Village, LLC Entity Name: Boraie Development, LLC and its related entity Arena Village, LLC Entity Address: 120 Albany Street, suite 800, New Brunswick, New Jersey 08901 Contract Amount: N/A Funding Source: : Contract Period: N/A Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ ( ) Private Sale ( ) Grant ( ) Sub-recipient (X ) n/a Additional Information: This resolution authorizes the Amended Restated Settlement Agreement between the City of Newark (the “City”), Boraie Development, LLC, and its related entity Arena Village, LLC (together as “Redeveloper”) to avoid litigation and promote redevelopment within the City of Newark.