Title
Dept/ Agency: Economic and Housing Development Department
Action: (X) Ratifying (X) Authorizing (X) Amending
Type of Service: Redevelopment Agreement
Purpose: To authorize the execution of a First Amendment of the Agreement for the Sale and Redevelopment of land between the City of Newark and 301 Morris Avenue Partners, LLC, as the Successor in Interest to Faro Development, LLC.
Entity Name: 301 Morris Avenue Partners, LLC
Entity Address: Newark, New Jersey 07104
Contract Amount: Not Applicable
Funding Source: Not Applicable
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contribution ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Property:
(Address/Block/Lot/Ward)
64 14th Avenue/Block 246/Lot 5/Central Ward
295-297 Morris Avenue/Block 246/Lot 7/Central Ward
299 Morris Avenue/Block 246/ Lot 8/Central Ward
301 Morris Avenue/Block 246/Lot 9/Central Ward
303 Morris Avenue/Block 246/Lot 10/Central Ward
Additional Information:
Deferred 7R2-d 101823
Deferred 7R2-b 110123
No Action Taken 7R2-a 111323
body
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, pursuant to N.J.S.A. 40A: 12A-8(f), the City is authorized to arrange or contract with redevelopers for the planning, re-planning, construction or undertaking of any redevelopment project; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City may "convey property...without public bidding and at such prices and upon such terms as it deems reasonable"; and
WHEREAS, in order to stimulate the reinvigoration of the City, by Resolution 7Rdo(AS) adopted by the Municipal Council on June 15, 2005, the entire City of New...
Click here for full text