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 The New Jersey Performing Arts Center Corporation
Entity Name: The New Jersey Performing Arts Center Corporation
Entity Address: 1 Center Street, Newark New Jersey 07102
Contract Amount: $10,000,000.00
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)
614-706 Mayor Kenneth A. Gibson Boulevard/Block 124/Lot 1
Central Ward
Additional Information:
body
WHEREAS, New Jersey Performing Arts Center Corporation, a New Jersey non-profit corporation (the “NJPAC”) currently leases the enclosed, subterranean parking facility known as the Military Park Garage (the “Garage”) located as part of certain real property designated as Block 124, Lot 1, as shown on the official tax map of the City of Newark (the “City”) from the Newark Parking Authority through a sublease with the City, the owner of the Garage; and
WHEREAS, the Municipal Council previously adopted Resolution 7Rdo(AS) on June 15, 2005, designating the entire City as an “area in need of rehabilitation” under the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq.; and
WHEREAS, NJPAC and/or its affiliate(s) have undertaken redevelopment projects in the areas adjacent to the Garage (the “Projects”) and the availability of parking within the Garage is necessary for the continued success of the Projects; and
WHEREAS, the purchase of the Garage (the “Acquisition”) by NJPAC or its affiliate (collectively, “Redeveloper”) from the City will allow the NJPAC to provide adequate parking for the Pro...
Click here for full text