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) two-family homes for sale Entity Name: Washington Bay Group I, LLC Entity Address: 811 Clinton Avenue, Newark, New Jersey 07108 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 Property: (Address/Block/Lot/Ward) 699 South 11th Street/Block 2618/Lot 36/South Ward 701 South 11th Street/Block 2618/Lot 37/South Ward 697 South 11th Street/Block 2618/Lot 73/South Ward Additional Information: Resolution 7R2-b adopted on April 10, 2024, designating Washington Bay Group I, LLC, as the redeveloper and authorizing an Agreement for the Sale and Redevelopment of Land under the Equitable Investments in Newark Communities Program

Resolution Adopted Introduced July 2, 2026

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