Title
AN ORDINANCE AMENDING 6PSF-C, ADOPTED ON JANUARY 5, 2017, AND AUTHORIZING THE MAYOR OF THE CITY OF NEWARK, AND/OR HIS DESIGNEE, THE DEPUTY MAYOR/DIRECTOR OF THE DEPARTMENT OF ECONOMIC AND HOUSING DEVELOPMENT TO ENTER INTO AND EXECUTE A SECOND AMENDMENT TO THE AGREEMENT FOR THE CONVEYANCE OF REAL PROPERTY WITH THE NEW JERSEY SCHOOLS DEVELOPMENT AUTHORITY MODIFYING CERTAIN MILESTONES SET FORTH IN THE AGREEMENT OF SALE AND RECORDED DEED OF CONVEYANCE.
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WHEREAS, by Ordinance 6PSF-c, adopted on January 5, 2017, the Municipal Council authorized the Mayor of the City of Newark and/or his designee, then Acting Director of the Department of Economic and Housing Development to enter into an Agreement for Conveyance of Real Property with the New Jersey Schools Development Authority (the “Authority”) for the conveyance of real property by the Authority to the City of Newark (the “Agreement”); and
WHEREAS, the Agreement was executed on March 23, 2017; and
WHEREAS, the Agreement provides for the transfer of the following parcels of real property owned by the Authority to the City, subject to certain terms and restrictions:
Address Block Lot Ward Size Sq. Feet
339-341 S. 11th Street 1784 10 West 30x100 3,000
345 S. 11th Street 1784 13 West 30x100 3,000
375 S. 11th Street 1784 28 West 30x100 3,000
381-395 South Orange Ave 1784 35 West 20,089
376 S. 12th Street 1784 44 West 30x77 2,310
372-374 S. 12th Street 1784 45 West 30x100 3,000
354 S. 12th Street 1784 55 West 43.5x100 4,350
350-352 S. 12th Street 1784 57 West 43.5x100 4,350
348 S. 12th Street 1784 58 West 25x100 2,500
338 S.12th Street 1784 63 West 28x100 2,800
317-319 S. 12th Street 1785 1 West 42.7x100 4,270
321-323 S. 12th Street 1785 2 West 56x100 5,600
325 S. 12th Street 1785 4 West 28x100 2,800
327 S. 12th Street 1785 5 West 28x100 2,800
329 S. 12th Street 1785 6 West 28x100 2,800
331-333 S. 12th Street 1785 7 West 28x100 2,800
335 S. 12th Street 1785 8 West 28x100 2,800
343-345 S. 12th Street 1785 11,12 West 53.6x100 5,360
347 S. 12th Street 1785 13 West 25x100 2,500
349 S. 12th Street 1785 14 West 28x98.11 2,747.08
351 S.12th Street 1785 15 West 28x97.4 2,727.2
353 S. 12th Street 1785 16 West 28x95.11 2,663.08
355 S. 12th Street 1785 17 West 28x94.4 2,643.2
357-359 S. 12th Street 1785 18 West 28x92.10 2,578.8
361 S. 12th Street 1785 20 West 28x91.4 2,559.2
363 S. 12th Street 1785 21 West 28x90 2,520
365 S. 12th Street 1785 22 West 28x88.6 2,480.8
367 S.12th Street 1785 23 West 28x86.9 2,433.2
369 S. 12th Street 1785 24 West 31x84.3 2,613.3
399-401 S. 12th Street 1785 47 West 50.4x95 4,788
397 South Orange Avenue 1785 62 West 25.3x101 2,555.3
375-377 S. 12th Street 1785 63 West 40x81 3,240
371-373 S. 12th Street 1785 64 West 47x83.1 3,905.7
(120,583.86 Total Sq. Ft)
(the “NJSDA Property”); and
WHEREAS, closing of title under the Agreement occurred and a deed from the Authority conveying the Property to the City was delivered to the City on or about July 6, 2017 (the “Deed”); and
WHEREAS, the Deed was recorded on July 25, 2017, in the Essex County Register’s Office and given an Instrument Number of 2017064424; and
WHEREAS, on February 21, 2018, the City adopted Ordinance 6PSF-g, authorizing the execution of the First Amendment to the Agreement for Conveyance of Real Property (the “First Amendment”) to modify fees to be paid to the Authority by the City for the release of the Authority’s reversionary interest; and
WHEREAS, on or about June 4, 2018, the Authority and the City executed the First Amendment pursuant to which certain provisions of the Agreement that survived the transfer of title were amended; and
WHEREAS, the City has requested and the Authority has agreed that certain milestones set forth in the Agreement and in the recorded Deed (hereinafter “Conveyance Deed”) should be modified and extended; and
WHEREAS, the City and the Authority have now determined to memorialize and effectuate the milestone extensions through the execution of the Second Amendment to Agreement for Conveyance of Real Property and through the Authority’s recordation of an Amended Deed.
NOW, THERFORE BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The Mayor of the City of Newrk, and/or his designee, the Deputy Mayor/Director of the Department of Economic and Housing Development are hereby authorized to: (i) execute a Second Amendment to Agreement for Conveyance of Real Property, modifying certain milestones set forth in the Agreement for Conveyance of Real Property (the “Second Amendment”) and the Deed of Conveyance recorded on July 25, 2017, in the Essex County Register’s Office and given an Instrument Number of 2017064424.
2. A copy of the fully executed Second Amendment, with all exhibits thereto, shall be placed on file in the Office of the City Clerk by the Deputy Mayor/Director of the Department of Economic and Housing Development together with this Ordinance.
3. This Ordinance shall take effect upon final passage and publication in accordance with the laws of the State of New Jersey.
STATEMENT
This Ordinance authorizes the Mayor of the City of Newark and/or his designee, the Deputy Mayor/Director of the Department of Economic and Housing Development to enter into and execute a Second Amendment to Agreement for the Conveyance of Real Property, modifying certain milestones set forth in the Agreement for Conveyance of Real Property and recorded Deed of Conveyance with the New Jersey Schools Development Authority.