7R2-i 24-0467 Dept./ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing (X) Amending Type of Service: Private Sale/Redevelopment/Subordination Agreement Purpose: An Agreement to subordinate the City's rights of reverter by entering into a Third Amendment to the Agreement for Sale and Redevelopment of Land and two (2) Amended and Restated Deeds in order to permit construction financing necessary for the redevelopment of an affordable rental housing project. Entity Name: Bergen Street Redevelopment Urban Renewal, LLC Entity Address: 935 Bergen Street, Newark, New Jersey 07102 Sale Amount: $0.00 Cost Basis: ( ) $ PSF ( ) Negotiated (X) N/A ( ) Other: Assessed Amount: $0.00 Appraised Amount: $0.00 Contract Period: Not Applicable Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ ( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a List of Property: (Address/Block/Lot/Ward) 1057-1059 Bergen Street/Block 3660/Lot 11/South Ward 1037-1047 Bergen Street/Block 3661/Lots 3/Additional Lots 5 and 8/South Ward Additional Information: Resolution 7R3-b adopted on December 5, 2012, authorized the Private Sale/Redevelopment Agreement. Resolution 7R2-s(AS) adopted on June 21, 2017, authorized the First Amendment to the Private Sale/Redevelopment Agreement. Resolution 7R2-c adopted on September 2, 2020, authorized the Second Amendment to the Private Sale/Redevelopment Agreement. This Third Amendment to the Agreement for Sale and Redevelopment of Land will provide for the construction financing necessary for the redevelopment of an affordable rental housing project.