25-0559

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 Reverter Rights by entering into a First Amendment to the Agreement for Sale and Redevelopment of Land and a Subordination Agreement in order to permit financing necessary for the redevelopment of rental or for-sale owner-occupied housing Entity Name: Ascension Capital Partners I, LLC Entity Address: 59 Lincoln Park, Suite 200, Newark, New Jersey 07102 Sale Amount: $116,099.20 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) 529 Springfield Avenue/Block 2614/Lot 1/South Ward 527 Springfield Avenue/Block 2614/Lot 2/Additional Lot 34/South Ward 521 Springfield Avenue/Block 2614/Lot 5/South Ward 461 18th Avenue/Block 2614/Lot 7/South Ward 459 18th Avenue/Block 2614/Lot 8/South Ward 457 18th Avenue/Block 2614/Lot 9/South Ward 15 Brenner Street/Block 2614/Lot 28/South Ward 9-11 Brenner Street/Block 2614/Lot30/Additional Lot 31/South Ward 608 South 10th Street/Block 2614/Lot 32/South Ward 606 South 10th Street/Block 2614/Lot 33/South Ward Additional Information: Resolution 7R2-b adopted on October 24, 2018, authorized the Private Sale/Redevelopment Agreement.

Resolution Adopted Introduced April 14, 2025

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