Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide new construction of (3) three-family homes, of which one (1) will be sold and another two (2) will be for rent, each having (1) unit as affordable rent at 60 - 80% of the Area Median Income (AMI). Entity Name: Nobre Development, LLC Entity Address: Newark, New Jersey 07114 Sale Amount: $67,500.00 Cost Basis: (X) $9.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $92,600.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within twenty-four (24) months following transfer of property ownership from the City to the Redeveloper Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ (X) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a List of Property: (Address/Block/Lot/Ward) 464 South 14th Street/Block 330 /Lot 39/West Ward 466 South 14th Street/Block 330/Lot 38/West Ward 476 15th Avenue/Block 282/Lot 16/Central Ward Additional Information: Sale Price: Total Square Footage X PSF = 7,500 X $9.00 = $67,500.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.

Resolution Adopted Introduced February 27, 2024

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