Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( X ) Amending Type of Service: Private Sale/Redevelopment Purpose: Agreement to subordinate the City’s mortgage and reverter rights to permit financing necessary for the redevelopment of a mixed-use affordable rental housing project Entity Name: Carrino Plaza Apartments, LLC Entity Address: 1055 Sawmill River Road, Suite 204, Ardsley, New York 10502 Sale Amount: $800,000.00 ($80,000.00 cash plus $720,000.00 mortgage in favor of the City) Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $ Appraised Amount: $ Contract Period: Term of City Loan is Forty-Two (42) years Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ ( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a List of Property: (Address/Block/Lot/Ward) 416-426 Broadway / Block 613/ Lot 1/North Ward Additional Information: Resolution 7R3-I 102913, Authorized Sale and Redevelopment Agreement Resolution 7R3-C 021914, Authorized First Amendment To RDA Agreement Resolution 7R3-H 102913, Authorized the Tax Abatement Agreement