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 and Recognition Agreement in order to permit the Redeveloper to obtain the financing necessary for the development of a new five-story mixed-use building Entity Name: S.A.T. Urban Renewal Entity, LLC Entity Address: 156 Elizabeth Avenue, Newark, New Jersey 07108 Sale Amount: $55,300.00 Cost Basis: ( X ) $ 10.00 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 Property: (Address/Block/Lot/Ward) 142-144 Elizabeth Avenue/Block 2776/ Lot 8.01/South Ward Additional Information: Resolution 7R2-f adopted on July 22, 2020, designating S.A.T. Urban Renewal Entity, LLC, as the redeveloper and authorizing an Agreement for the Sale and Redevelopment of Land.

Resolution Adopted Introduced May 11, 2026

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