Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Referral of Proposed Ordinance to the Central Planning Board for Formal Review
Purpose: Requesting that the Central Planning Board consider an Ordinance providing for the vacation of a portion of the Commercial Street right of way, as described within the proposed ordinance, should be vacated and released from dedication of land for a public street and public rights, pursuant to N.J.S.A. 40:67-1 et seq., and in accordance with Ordinance 6PSF-e adopted on April 21, 2021. (East Ward)
Additional Information:
Copy of proposed ordinance attached as Exhibit A.
Ordinance 6PSF-i adopted by the Municipal Council on August 7, 2013.
Ordinance 6PSF-a(S) adopted by the Municipal Council on October 11, 2017.
Ordinance 6PSF-e adopted by the Municipal Council on April 21, 2021.
Contract #A-1623, Plan #1889V, revised on September 28, 2021 illustrating the area of the proposed Commercial Street vacation.
body
WHEREAS, Commercial Street is a public street in the East Ward of the City of Newark (the "City"), as indicated on Exhibit A attached hereto, which is bounded on the northwest by Raymond Plaza East and on the northeast by Block 169.01, Lots 60 and 70; property owned by Commercial Street Properties, LP, an affiliate of Station Plaza Newark Downtown Core Urban Renewal Company, LLC ("Station Plaza"); and
WHEREAS, on April 21, 2021, the Municipal Council, adopted Ordinance 6PSF-e, authorizing the execution of a land exchange agreement (the "Exchange Agreement"), with Station Plaza, which the ordinance anticipated the vacation of the entirety of the Commerce Street right of way between Raymond Plaza East and Market Street, as described herein, together with a portion of the Commercial Street right of way and the transfer of the same to Station Plaza in return for, among other things, a payment of $5,200,000.00, to assis...
Click here for full text