Title
Dept/ Agency: Economic and Housing Development Department
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Redevelopment Agreement
Purpose: Authorize Execution of an Agreement for the Sale and Redevelopment of Land Between the City of Newark and Essex Reservoir Urban Renewal LLC
Entity Name: Essex Reservoir Urban Renewal LLC
Entity Address: c/o Urban League of Essex County, 508 Central Avenue, Newark, New Jersey 07107
Contract Amount: $1.00
Funding Source:
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( X ) n/a
List of Property:
(Address/Block/Lot/Ward)
324-346 South Orange Avenue/Block 268, Lot 1 and 1 BLDG and Block 269, Lot 4/West 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"), authorizes municipalities to participate in the redevelopment and improvement of areas that are in need of redevelopment or rehabilitation; and
WHEREAS, in order to stimulate the reinvigoration of the City, by Resolution 7Rdo(AS) 061505 adopted on June 15, 2005, the entire City was designated as an area in need of rehabilitation pursuant to the Redevelopment Law; and
WHEREAS, the City is the owner of the property located at 324-346 South Orange Avenue and designated as Block 268 Lot 1 and 1 BLDG and Block 269, Lot 4 on the official tax map of the City of Newark (together with all structures, property rights and related claims and interests, (the "Property"); and
WHEREAS, on July 14, 1975, the City entered into a fifty (50) year Lease Agreement with Reservoir Associates, Ltd. ("Reservoir") for Reservoir to construct and operate a multifamily residential building on the Property containing eighty (80) affordable residential dwelling units w...
Click here for full text