Dept./ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing (X) Amending Type of Service: Private Sale/Redevelopment/Subordination Agreement Purpose: To subordinate the City’s Reverter Rights by entering into an Amended Standard Conditions of Sale and a Subordination Agreement to enable the Redeveloper to obtain financing necessary for the redevelopment of rental or for-sale owner-occupied housing. Entity Name: Carvalho Realty, LLC Entity Address: 236 South 11th Street, Newark, New Jersey 07107 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) 485 South 18th Street/Block 325/Lot 16.01/West Ward 487 South 18th Street/Block 325/Lot 16.02/West Ward Additional Information: Resolution 7R2-h(S) adopted on August 11, 2020, authorized the sale of City-owned real estate property not needed for public use through a Public Real Estate Auction. Resolution 7R2-e(AS) adopted on September 16, 2020, accepted the bids and execution of Quitclaim Deeds for properties sold at Public Auction on Thursday, August 27, 2020.

Resolution Adopted Introduced April 29, 2024

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