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Resolution26-1438

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

Introduced Oct 8, 2026· Economic and Housing Development
Adopted
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