File #: 15-1479    Version: 1 Name: Resolution to give consent to an Extension of Triangle Park Exchange from August 5, 2015 to November 5, 2015
Type: Resolution Status: Filed
File created: 7/29/2015 In control: Economic and Housing Development
On agenda: 8/5/2015 Final action: 8/5/2015
Title: Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing (X) Amending Type of Service: Resolution Endorsing Extension of Triangle Park Exchange from August 5, 2015 to November 5, 2015 Purpose: Consent to an extension of Triangle Park Exchange from August 5, 2015 to November 5, 2015 Additional Information:
Sponsors: Council of the Whole
Related files: 2004-2517, 2004-2520, 2004-2497

Title

Dept/ Agency:  Economic & Housing Development

Action:  (   ) Ratifying    (X) Authorizing     (X) Amending

Type of Service:  Resolution Endorsing Extension of Triangle Park Exchange from August 5, 2015 to November 5, 2015 

Purpose: Consent to an extension of Triangle Park Exchange from August 5, 2015 to November 5, 2015                                 

Additional Information:

                   

                   

body


                     WHEREAS, on July 14, 2004, the City of Newark (“City”) utilized 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 (“Redevelopment Area”); and

 

WHEREAS, on October 6, 2004, the Municipal Council adopted Ordinance 6S&FF adopting the Newark Downtown Core District Redevelopment Plan (“Plan”), which has been amended from time to time; and

 

WHEREAS, on October 6, 2004, the Municipal Council adopted Resolution 7RBC appointing the Housing Authority of the City of Newark (“Authority”) as the City’s Redevelopment Entity for the purpose of implementing the Plan on behalf of the City in accordance with N.J.S.A. 40A:12A-4(c); and

 

WHEREAS, the Authority entered into Redevelopment Agreements with Station Plaza Newark Downtown Core Urban Renewal Company, LLC, and Lafayette Broad, LLC; and

 

WHEREAS, pursuant to the Redevelopment Agreements with Station Plaza Newark Downtown Core Urban Renewal Company, LLC, and Lafayette Broad, LLC (together as the “Redevelopers”), the Authority is required to transfer lands to and receive lands from the Redevelopers (“Triangle Park Exchange”)  to obtain ownership and title to the following properties within the Redevelopment Area: Block 159, Lot 10.02, Block 166, Lots 1.03, portion of 1.04 (proposed new lot 1.05), and Block 167, Lot 10.02 (“Triangle Park Properties”); and

 

WHEREAS, the Redevelopers agreed to commence the Triangle Park Exchange by August 5, 2015; and

 

WHEREAS, to finalize the terms of the Triangle Park Exchange, the Redevelopers desire to extend the deadline date for the Triangle Park Exchange to November 5, 2015.

 

NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:

1.                     The City consents to the extension of the deadline for the Triangle Park Exchange from August 5, 2015 to November 5, 2015 for  all of the parties to finalize the terms of the Triangle Park Exchange.

2.                     This resolution shall take effect immediately.

STATEMENT

Resolution consenting to an extension of the deadline date for the Triangle Park Exchange from August 5, 2015 to November 5, 2015 specified within the Redevelopment Agreements between the Housing Authority of the City of Newark and Redevelopers involved in parcel exchanges.