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AN ORDINANCE AUTHORIZING THE MAYOR, AND/OR HIS DESIGNEE, THE DEPUTY MAYOR/DIRECTOR OF THE DEPARTMENT OF ECONOMIC AND HOUSING DEVELOPMENT TO AUTHORIZE THE SALE AND TRANSFER OF THE CITY OF NEWARK PROPERTY IDENTIFIED ON THE CITY OF NEWARK TAX MAP AS BLOCK 20, LOT 1 TO KAWAIDA TOWERS JV PARTNERS, LLC FOR THE AMOUNT OF $500,000.00, PURSUANT TO AN AGREEMENT FOR SALE AND REDEVELOPMENT OF LAND.
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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 City 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 of the City adopted the Broad Street Station Redevelopment Plan ("Redevelopment Plan"); and
WHEREAS, the City is the owner of certain real property designated as Block 20, Lot 1, as shown on the official tax map of the City (collectively, the "Property" or "Project Area") within the Redevelopment Plan area; and
WHEREAS, the City has determined that the Property is no longer needed for any public use and that redevelopment of the Property will contribute to the economic improvement of the Central Ward in accordance with the intent, goals and objectives of the Redevelopment Plan; and
WHEREAS, on November 4, 2025, the City issued a Request for Qualifications ("RFQ") for prospective redevelopers for the Kawaida Towers Redevelopment Project within the Redevelopment Plan area; and
WHEREAS, Heritage Company, LLC, in partnership with Poeima Development Group, LLC, (the "Redeveloper") responded with a proposal to develop a...
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