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AN ORDINANCE 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 AN AGREEMENT WITH BY GOMES, LLC FOR THE SALE AND REDEVELOPMENT OF CITY PROPERTY COMMONLY KNOWN AS, 57 NEWARK STREET, 59 NEWARK STREET, 61-61 1/2 NEWARK STREET, 63 NEWARK STREET, 65 NEWARK STREET, 67 NEWARK STREET, 69 NEWARK STREET, 71 NEWARK STREET, 73-75 NEWARK STREET, 77 NEWARK STREET, 79 NEWARK STREET, AND 81-85 NEWARK STREET, IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2838, LOTS 6, 7, 8, 9, 10, 11, 12, 13, 14, 17, 18 AND 19 (ADDITIONAL LOTS 20 AND 21) FOR THE AMOUNT OF $4,077,777.77.
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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 redevelopment; and
WHEREAS, in order to stimulate the reinvigoration of the City of Newark (the "City"), by Resolution 7RDO(AS) adopted by the Municipal Council on June 15, 2005, the entire City was designated as an area in need of rehabilitation, pursuant to the Redevelopment Law; and
WHEREAS, on January 21, 2009, pursuant to Ordinance 6PSF-a, the Municipal Council adopted the Broad Street Station Redevelopment Plan ("Redevelopment Plan") on the basis of the Municipal Council's declaration of the entire City as an area in need of redevelopment, pursuant to Resolution 7RDO(AS) and the Redevelopment Law; and
WHEREAS, the City is the owner of the real property located at 57 Newark Street, 59 Newark Street, 61-61 1/2 Newark Street, 63 Newark Street, 65 Newark Street, 67 Newark Street, 69 Newark Street, 71 Newark Street, 73-75 Newark Street, 77 Newark Street, 79 Newark Street, and 81-85 Newark Street and identified as Block 2838, Lots 6, 7, 8, 9, 10, 11, 12, 13, 14, 17, 18 and 19 (additional Lots 2...
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