Title
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/West 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.
body
WHEREAS, the purpose of this Resolution is to approve the sale and redevelopment of the following City-owned property located in the West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
464 South 14th Street
330
39
25X100 2,500
466 South 14th Street
330
38
25X100 2,500
476 15th Avenue
282
16
25X100 2,500
Total Square Footage: 7,5...
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