Title
AN ORDINANCE AMENDING AND SUPPLEMENTING TITLE XLI, ZONING AND LAND USE REGULATIONS, CHAPTER 19, ESCROW FEES FOR REDEVELOPMENT MATTERS, OF THE REVISED GENERAL ORDINANCES OF THE CITY OF NEWARK, NEW JERSEY, 2000, AS AMENDED AND SUPPLEMENTED, BY AMENDING THE PREVIOUSLY ESTABLISHED PROCEDURE FOR IMPLEMENTING ESCROW FEES TO DEFRAY COSTS FOR REDEVELOPMENT PROJECTS.
body
WHEREAS, the Municipal Council adopted Ordinance 6PSF-a, March 16, 2016, amending Title XLI, of the City of Newark Municipal Code to include a new Chapter 19 entitled "Escrow Fees for Redevelopment Matters," which established a process and procedure wherein potential redevelopers defray or cover the City's administrative expenses, costs of professionals, evaluations, negotiation and approval of agreements, and other costs associated with the implementation and administration of redevelopment projects within the City of Newark, pursuant to N.J.S.A. 40A:12A-8(f) of Local Housing and Redevelopment Law; and
WHEREAS, the Administration and the Department of Economic and Housing Development have determined that there are a significant amount of redevelopment projects with the City of Newark that are under $5,000,000.00 and that Ordinance 6PSF-a and the Funding Agreement authorized therein should be amended to allow for the collection of redevelopment escrow fees for redevelopment projects under $5,000,000.00.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
[NOTE: Underlined text represents additions and strikethroughs represent deletions]
Section 1. Title XLI, Zoning and Land Use Regulations, Chapter 19, Escrow Fees for Redevelopment Matters, of the Revised General Ordinances of the City of Newark, New Jersey, 2000, as amended and supplemented, be and the same is further amended as follows:
Section 1.1 Purpose
Pursuant to N.J.S.A. 40A:12A-8(f) of the Local Housing and Redevelopment Law, potential redevelopers with the...
Click here for full text