Dept/ Agency: Economic & Housing Development Action: (X) Ratifying (X) Authorizing (X) Amending Type of Service: Private Sale/Redevelopment Purpose: Subordination agreement the City's reverter rights to permit financing necessary to significantly rehabilitate. Entity Name: Bank of America, N.A. Entity Address: 208 Harrison Road, Glen Rock, NJ 07106 Amount: $9,657,576.00 Contract Period: January 1, 2015 through December 31, 2015 List of Property: (Address/Block/Lot/Ward) 737-749 Broadway and 57 Grafton Avenue, Newark, NJ/ Block 772/ Lots 1, 6 and 56/ North Ward. Additional Information: Resolution authorizing the Mayor and/or Deputy Mayor/Director of the Department of Economic and Housing Development to subordinate the City's reverter rights to permit financing necessary to significantly rehabilitate the property located 737-749 Broadway and 57 Grafton Avenue, Newark, New Jersey, as shown on the official tax map of the City as Block 772, Lots 1, 6 and 56, located in the North Ward, for use as a non-profit federally qualified health care center. Deferred 7R3-d (s) 060315