Dept./ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing (X) Amending Type of Service: Subordination Agreement Purpose: An Agreement to Subordinate the City of Newark's Reverter Rights by entering into a First Amendment to Agreement for the Sale and Redevelopment of Land and a Subordination Agreement in order to permit the Redeveloper to obtain the financing necessary for the development of three (3) - three family homes, of which one (1) will be for sale, and the other two (2) will be for rent, each having one (1) unit affordable at 60-80 percent of the Area Median Income (“AMI”) Entity Name: Nobre Development, LLC Entity Address: 160 South Street, Newark, New Jersey 07114 Sale Amount: N/A Cost Basis: ( ) $ PSF ( ) Negotiated (X) N/A ( ) Other: Assessed Amount: N/A Appraised Amount: N/A 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 Properties: (Address/Block/Lot/Ward) 476 15th Avenue/Block 282/Lot 16/Central Ward 466 South 14th Street/Block 330/Lot 38/West Ward 464 South 14th Street/Block 330/Lot 39/West Ward Additional Information: Resolution 7R2-h adopted on July 10, 2024, designated Nobre Development, LLC, as the Redeveloper and authorized the Agreement for the Sale and Redevelopment of Land