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.

What this record is

Held by

Nobre Development, LLC

Amount

$93K

Runs until

Not stated in the agenda text — the term is normally in the signed agreement, attached to the original item ↗

Type

amendment

Field

Construction

construction contracts in NJ that end within a year →
Governments publish the end date in the award. That date is when the work goes back out to bid, and it is usually stated years ahead.

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

Committee

Economic and Housing Development

Introduced

February 27, 2024

On agenda

July 10, 2024

Passed

July 10, 2024

Where it was heard

Municipal Council Jul 10, 2024 Adopt Pass

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