Title
AN ORDINANCE AUTHORIZING THE SALE OF CERTAIN CITY-OWNED PROPERTY TO THE PARKING AUTHORITY OF THE CITY OF NEWARK AND THE EXECUTION OF A REDEVELOPMENT AGREEMENT WITH THE PARKING AUTHORITY OF THE CITY OF NEWARK FOR THE CONSTRUCTION OF A MIXED-USE STRUCTURE, INCLUDING ADMINISTRATIVE OFFICES, RETAIL SPACE, AND A PARKING FACILITY WITH APPROXIMATELY 645 PARKING SPACES, UPON BLOCK 873, LOT 1.03 ON THE TAX MAP OF THE CITY OF NEWARK, MORE COMMONLY KNOWN AS 47-63 GREEN STREET. (EAST WARD)
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WHEREAS, the City of Newark (the "City") owns certain real property located upon Block 873, Lot 1.03 on the Tax Map of the City of Newark, more commonly known as 47-63 Green Street, as depicted in the survey attached hereto as Exhibit A (the "Property"); and
WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq., as amended and supplemented (the "Act"), authorizes municipalities to participate in the redevelopment and improvement of areas that are in need of redevelopment or rehabilitation and further, pursuant to the Local Lands and Buildings Law, N.J.S.A. 40A:12-1, et seq., the City has the power to sell any real property or interests therein for a public purpose; and
WHEREAS, by Ordinance 6S&Fg, adopted September 3, 2008, the Municipal Council of the City of Newark (the "Municipal Council") approved the Living Downtown Redevelopment Plan Area for the Redevelopment Area within which the Property is located; and
WHEREAS, by Ordinance 6PSF-a(S), adopted June 30, 2010, the Municipal Council approved the First Amendment to the Living Downtown Redevelopment Plan; and
WHEREAS, by Ordinance 6PSF-a(S), adopted September 21, 2010 , the Municipal Council approved the Second Amendment to the Living Downtown Redevelopment Plan; and
WHEREAS, the Living Downtown Redevelopment Plan, including any amendments thereto, shall be referred to herein as the "Redevelopment Plan"; and
WHER...
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