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AN ORDINANCE AUTHORIZING A CONTRACT FOR SALE OF REAL ESTATE TO BRANDYWINE ACQUISITION AND DEVELOPMENT, LLC FOR $322,955.00 AS THE DESIGNATED REDEVELOPER OF BLOCK 2675, PROPOSED LOT 1.02, AND LOTS 25 and 46 FOR THE REDEVELOPMENT OF THE IRVINE TURNER TRAFFIC FACILITY SITE FOR THE CITY OF NEWARK. (SOUTH WARD)
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WHEREAS, on June 15, 2005, pursuant to Municipal Council Resolution 7Rdo(AS), the entire City of Newark (the "City") was designated an "area in need of rehabilitation" as defined by the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq., including the lots located at a portion of 361-377 Irvine Turner Boulevard, 81-83 Hillside Avenue, and 379-383 Irvine Turner Boulevard, also known as Block 2675, Lot 1.02 and Lots 1 and Lots 25, and 46 on the Official Tax Maps of the City of Newark (the "Property"); and
WHEREAS, on July 8, 2021, pursuant to Municipal Council Ordinance 6PSF-b, the City adopted the Irvine Turner Boulevard and Central Avenue Redevelopment Plan (the "Redevelopment Plan"), which governs the zoning of the Property; and
WHEREAS, a companion legislation will be presented to the Municipal Council at the same meeting this legislation is presented designating Brandywine Acquisition and Development, LLC ("Brandywine") as the redeveloper of the Property that is to constitute the state-of-the-art Irvine Turner Traffic Facility site (the "Traffic Facility") and approved the execution of a Redevelopment Agreement with Brandywine (the "Redevelopment Agreement"); and
WHEREAS, a companion legislation will be presented to the Municipal Council at the same meeting this legislation is presented authorizing the execution of a Capital Sale/Leaseback Agreement (the "Sale/Leaseback Agreement") with Brandywine as the redeveloper of the Property to finance and construct the Irvine Turner Traffic Facility; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City is authorized to "lease or convey property or im...
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