Title
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) – three family homes, of which one (1) will be for sale, and the other two (2) will be for rent, each having one (1) unit affordable at 60-80 percent of the Area Median Income (“AMI”)
Entity Name: Nobre Development, LLC
Entity Address: 160 South Street, Newark, New Jersey 07114
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 Properties:
(Address/Block/Lot/Ward)
476 15th Avenue/Block 282/Lot 16/Central Ward
466 South 14th Street/Block 330/Lot 38/West Ward
464 South 14th Street/Block 330/Lot 39/West Ward
Additional Information:
Resolution 7R2-h adopted on July 10, 2024, designated Nobre Development, LLC, as the Redeveloper and authorized the Agreement for the Sale and Redevelopment of Land
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WHEREAS, pursuant to Resolution 7R2-h adopted on July 10, 2024, the Newark Municipal Council (“Municipal Council”) authorized the Mayor and/or his designee and the Deputy Mayor/Director of the Department of Economic and Housing Development to enter into and execute an Agreement for the Sale and Redevelopment of Land (“Agreement”) with Nobre Development, LLC, 160 South Street, Newark, New Jersey 07114 (“Redeveloper”) to effectuate the sale of City of Newark (“City”) owned real properties loca...
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