Dept./ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Subordination Agreement/Reverter Purpose: Resolution of the City of Newark, in the County of Essex, State of New Jersey authorizing the execution of an Agreement to subordinate the city’s rights of reverter by entering into a subordination agreement with Merchants Bank of Indiana as lender and NMA Owners Urban Renewal LLC as borrower in order to permit financing necessary for the redevelopment of an affordable rental or for-sale housing project. Entity Name: NMA Owners Urban Renewal LLC Entity Address: 2 Park Avenue, 23rd Floor, New York, New York 10016 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) 47-55 Washington Street/Block 34/Lots 9, 10, 11:35, 12 and 30/Central Ward 65 Central Street/Block 35/Lot 29/Central Ward Additional Information: Ordinance 6PSF-d(s) adopted on August 30, 2022, authorized the Sale/Redevelopment Agreement.

Resolution Adopted Introduced December 3, 2024

What this record is

Read automatically from the title of the official record. The source document below is authoritative.