Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Redevelopment
Purpose: To authorize the execution of a Third Amendment to Redevelopment Agreement by and between the City of Newark and Lafayette Broad, LLC
Entity Name: Lafayette Broad, LLC
Entity Address: 9 Kensington Place, Roseland, New Jersey 07068
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 Property: (Address/Block/Lot/Ward)
67-89 Lafayette Street/Block 166/Lot 1.01/East Ward
886-890 Broad Street/Block 865/Lot 5/East Ward
882-884 Broad Street/Block 865/Lot 7/Add’l Lot 8/ East Ward
878-880 Broad Street/Block 865/Lot 9/ East Ward
30-42 Lafayette Street/Block 865/Lot 30.01/ East Ward
197-217 Mulberry Street/Block 865/Lot 30.02/ East Ward
46-54 Green Street/Block 865/Lot 30.03/ East Ward
56 Green Street/Block 865/Lot 64/ East Ward
26-28 Lafayette Street/Block 865/Lot 135.01/ East Ward
58 Green Street/Block 865/Lot 136/ East Ward
Additional Information:
This Resolution authorizes a Third Amendment to the Redevelopment Agreement by and between the City of Newark and Lafayette Broad, LLC
body
WHEREAS, on July 14, 2004, the Newark Municipal Council (“Municipal Council”) adopted Resolution 7RBA, authorizing the City of Newark (the “City”) to utilize the powers of Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq., to designate over 39 acres of land within the Downtown Newark area as an “area in need of redevelopment”, commonly known as the Newark Downtown Core District Redevelopment Area (the “Redevelopment Area”); and
WHEREAS, the City determined to undertake the redevelopment of the Redevelopment Area in accordance with the Newark Downtown Core District Redevelopment Plan and Amendment to the Newark Plaza Urban Renewal Plan enacted by Ordinance 6S&FF adopted on October 6, 2004, as amended on September 7, 2005, May 5, 2010, February 24, 2015, September 2, 2015, and June 7, 2017 (and as further clarified and amended by that certain Fifth Amendment to the Newark Living Downtown Redevelopment Plan, adopted by the City through Ordinance 6PSF-E on September 5, 2019) (as may be further amended from time to time, the “Redevelopment Plan”); and
WHEREAS, pursuant to N.J.S.A 40A:12A-4(c), the City adopted Resolution 7Rbc on October 6, 2004, designating the Housing Authority of the City of Newark (the “Authority”) or its designee as the redevelopment entity of the City for the purpose of implementing and carrying out redevelopment projects in the Redevelopment Area; and
WHEREAS, the Authority and Lafayette Broad, LLC (the “Redeveloper”) entered into a redevelopment agreement dated March 9, 2006 (as amended, by the First Amendment, dated July 12, 2007, pursuant to Resolution 7Ry adopted by the Municipal Council on July 11, 2007, and the Second Amendment, dated July 7, 2016, collectively, the “Lafayette Redevelopment Agreement”), governing the rights and obligations relating to Redeveloper’s designation as redeveloper of, and undertaking and implementation of, the redevelopment of a portion of the Redevelopment Area; and
WHEREAS, on September 2, 2015, the City adopted Ordinance 6PSF-b authorizing the de-designation of the Authority as the redevelopment entity for the Redevelopment Area which Ordinance required the City to assume the Lafayette Redevelopment Agreement on behalf of the Authority; and
WHEREAS, on July 7, 2016, the City entered into an Assignment and Assumption of the Lafayette Redevelopment Agreement in which the Authority as assignor assigned and the City as assignee assumed any and all interest of the Authority in the Lafayette Redevelopment Agreement; and
WHEREAS, conditions have changed regarding the properties within the Redevelopment Area and within the City generally and there is a need to consider further revisions to the Redevelopment Plan; and
WHEREAS, the City has determined to undertake the development of an updated vision and master plan (the “Master Plan”), in order to effectuate the successful development of the Redevelopment Area; and
WHEREAS, upon completion of the Master Plan, the development standards provided therein will be submitted for incorporation into the Redevelopment Plan as a sixth amendment; and
WHEREAS, the City and the Redeveloper desire to, among other things, amend the timeline of the Lafayette Redevelopment Agreement (the “Amendment”), as provided in the attached Exhibit A.
NOW THEREFORE, BE IT RESOLVED by the Municipal Council of the City of Newark, in the County of Essex, New Jersey, that:
Section 1. The Mayor and/or his designee, the Deputy Mayor/Director of the Department of Economic and Housing Development are hereby authorized to enter into and execute the Third Amendment to the Lafayette Redevelopment Agreement, insubstantially the form attached hereto as Exhibit A.
Section 2. All other terms and conditions of the Lafayette Redevelopment Agreement shall remain in full force and effect.
Section 3. The Deputy Mayor/Director of the Department of Economic and Housing Development is hereby authorized to effectuate certain business terms and conditions related to the Amendment and may enter into any related documents, which may be necessary in order to effectuate the Amendment.
Section 4. The executed Amendment 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.
Section 5. The Redeveloper shall have thirty (30) days from the date this Resolution is certified by the Office of the City Clerk to execute the attached Amendment and return same to the Department of Economic Housing Development. Should the Redeveloper fail to execute and return the attached Amendment within this thirty (30) day time period, the authorization provided by this Resolution shall be null and void, unless the Deputy Mayor/Director of the Department of Economic and Housing Development agrees in writing to extend this thirty (30) day period.
Section 6. This resolution shall take effect immediately.
STATEMENT
This Resolution authorizes the Mayor and/or his designee, and the Deputy Mayor/Director of the Department of Economic and Housing Development, on behalf of the City of Newark, to enter into a Third Amendment to the Redevelopment Agreement with Lafayette Broad, LLC, 9 Kensington Place, Roseland, New Jersey 07068 to revise the project scope and timeline in accordance with the Master Plan.