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Title:
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ORDINANCE AUTHORIZING THE MAYOR, AND/OR HIS DESIGNEE, THE DEPUTY MAYOR/DIRECTOR OF THE DEPARTMENT OF ECONOMIC AND HOUSING DEVELOPMENT TO ENTER INTO AN AGREEMENT WITH TIGER 31V, LLC TO EXCHANGE LAND LOCATED AT 167 PENNSYLVANIA AVENUE FOR CERTAIN CITY-OWNED PROPERTIES LOCATED AT 54 WRIGHT STREET AND 56 WRIGHT STREET LOCATED IN THE SOUTH WARD.
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Title
ORDINANCE AUTHORIZING THE MAYOR, AND/OR HIS DESIGNEE, THE DEPUTY MAYOR/DIRECTOR OF THE DEPARTMENT OF ECONOMIC AND HOUSING DEVELOPMENT TO ENTER INTO AN AGREEMENT WITH TIGER 31V, LLC TO EXCHANGE LAND LOCATED AT 167 PENNSYLVANIA AVENUE FOR CERTAIN CITY-OWNED PROPERTIES LOCATED AT 54 WRIGHT STREET AND 56 WRIGHT STREET LOCATED IN THE SOUTH WARD.
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WHEREAS, the City of Newark is the owner of the following parcels of real property located in the City of Newark, Essex County, New Jersey:
Address Block Lot Ward Size Sq. Feet
56 Wright Street 2804 34 South 25X90 2,250
54 Wright Street 2804 35 South 25X78.5 1,962.50
(the "City Properties"); and
WHEREAS, Tiger 31V, LLC, having an address of 195 West Lake Shore Drive, Rockaway, New Jersey 07866, is the owner of the following parcel of real property located in the City of Newark, Essex County, New Jersey:
Address Block Lot Ward Size Sq. Feet
167 Pennsylvania Avenue 2796 17 South 16.8X100 1,680
(the "Tiger 31V Property"); and
WHEREAS, N.J.S.A. 40A:12-5(a)(1) authorizes the City of Newark to exchange real property by ordinance; and
WHEREAS, through their negotiations, the City of Newark and Tiger 31V, LLC have determined that it is in each party's best interest to exchange the City Properties for the Tiger 31V Property.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
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 an agreement to exchange land with Tiger 31V, LLC for the exchange of the following properties.
Property to be conveyed to Tiger 31V, LLC by the City of Newark
Address Block Lot Ward Sq. Feet
56 Wright Street 2804 34 South 25X90 2,250
54 Wright Street 2804 35 South 25X78.5 1,962.50
Property to be conveyed to the City of Newark by Tiger 31V, LLC
Address Block Lot Ward Sq. Feet
167 Pennsylvania Avenue 2796 17 South 16.8X100 1,680
2. Said agreement shall be in a form substantially similar to the attached "Agreement to Exchange Land By and Between the City of Newark and Tiger 31V, LLC" (Agreement to Exchange Land").
3. The Deputy Mayor/Director of the Department of Economic and Housing Development or her designee is hereby authorized to:
(i) Execute a Quitclaim deed in the form required under the Agreement to Exchange Land in order to transfer title of the City Properties to Tiger 31V, LLC, subject to the review and approval by the Corporation Counsel.
(ii) Accept and record a deed conveying title of the Tiger 31V Property to the City of Newark, which deed shall be form required under the Agreement to Exchange Land or in a form acceptable to the Corporation Counsel.
(iii) Effectuate any other terms and conditions contained in the Agreement to Exchange Land annexed hereto.
4. Such authorized officers are hereby further authorized to take such additional actions as may be necessary to consummate the transactions contemplated by the Agreement to Exchange Land.
5. A copy of the fully executed Agreement to Exchange Land and copies of the deeds transferring the City Properties and the Tiger 31V Property 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.
6. 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 City of Newark to enter into an Agreement to Exchange Land with Tiger 31V, LLC for the exchange of two City-owned parcels of real property located at 56 Wright Street and 54 Wright Street, Newark, New Jersey (Block 2804, Lots 34 and 35) for a parcel of real property owned by Tiger 31V, LLC, which property is located at 167 Pennsylvania Avenue (Block 2796, Lot 17). Both properties are in the South Ward.