Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Resolution Designating Redeveloper
Purpose: Resolution Designating 370 Orange Street, LLC as the Conditional Redeveloper of 141, 143, 145, 147, 147 ½, 149, 149 ½, 151, 153 and -155 1st Street and 370-386 Orange Street for a period of 180 days
Additional Information:
141, 143, 145, 147, 147 ½,, 149, 149 ½, 151, 153 and -155 1st Street and 370-386 Orange Street/Block 1882, Lots 23, 25, 26, 27, 28, 29, 30, 31, 32, 37 and 50/ Central Ward
body
WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq., as amended and supplemented (the “Redevelopment Law”), provides a process for municipalities to participate in the redevelopment and improvement of areas in need of rehabilitation; and
WHEREAS, on June 15, 2005, the City Municipal Council adopted Resolution 7RDO(AS) designating the entire City as an “Area in Need of Rehabilitation” pursuant to the Redevelopment Law; and
WHEREAS, the City of Newark (“City”) is the fee title owner of 141, 143, 145, 147, 147 ½, 149, 149 ½, 151, 153 and 155 1st Street, identified on the City tax map as Block 1882, Lots 23, 25, 26, 27, 28, 29, 30, 31, 32, and 50 (the “City Owned Lots”); and
WHEREAS, 370 Orange Street, LLC (the “Entity”) is the fee title owner of 370-386 Orange Street, identified on the City tax map as Block 1882, Lot 37 (the “Non-City Owned Lot”); and
WHEREAS, on August 17, 2015, the City of Newark Municipal Council adopted Ordinance 6S&FE(s), approving the First Amendment to the Central Ward Redevelopment Plan which included without limitation the City-Owned Lots and the Non-City Owned Lot (collectively referred to as the “Area;” and
WHEREAS, the City desires to conditionally designate the Entity as the “Redeveloper” of the Area pursuant to the Redevelopment Law for a period not to exceed one hundred and eighty days (180) days, so that the City and the Entity may negotiate and finalize an agreement for the purchase and sale of the City Owned Lots and the redevelopment of the Area (“Redevelopment Agreement”).
NOW, THEREFORE BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The aforementioned recitals are incorporated herein as though fully set forth at length.
2. The Entity is hereby conditionally designated as the Redeveloper for the Area for a period not to exceed one hundred and eighty (180) days, during which time the City shall negotiate and finalize the Redevelopment Agreement.
3. Upon the finalization of the terms of a Redevelopment Agreement, the City shall submit the Redevelopment Agreement to the City Municipal Council for its consideration and approval.
4. In the event that the City and the Entity have not finalized the terms of the Redevelopment Agreement and submitted said Redevelopment Agreement to the Municipal Council for its consideration and approval within one hundred and eighty (180) days from the date that this resolution is adopted the City’s conditional designation of the Entity as Redeveloper for the Area shall terminate without the need for any other action by the City.
STATEMENT
This resolution designates 370 Orange Street, LLC as the conditional redeveloper of 141, 143, 145, 147, 147 ½,, 149, 149 ½, 151, 153 and -155 1st Street and 370-386 Orange Street, identified on the official tax map of the City as Block 1882, Lots 23, 25, 26, 27, 28, 29, 30, 31, 32, 37 and 50 (“Area”) for a period of one hundred and eighty (180) days during which time the City shall negotiate and finalize a Redevelopment Agreement for the purchase and sale of the City Owned Lots and the redevelopment of the Area. If a Redevelopment Agreement is not finalized the City’s designation of 370 Orange Street, LLC as the Redeveloper for the Area shall terminate without the need for any other action by the City to evidence the same (Central Ward).