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AN ORDINANCE AUTHORIZING A CONTRACT FOR SALE OF REAL ESTATE TO BRANDYWINE ACQUISITION & DEVELOPMENT, LLC AS THE DESIGNATED REDEVELOPER OF BLOCK 2687, LOTS 14, 16, 17, 25, 40, 41, 42, 43 AND 60 FOR THE REDEVELOPMENT OF THE BERGEN STREET POLICE AND FIRE TRAINING ACADEMY SITE FOR THE CITY OF NEWARK.
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WHEREAS, on June 15, 2005, pursuant to Municipal Council Resolution 7Rdo(AS), the entire City of Newark (the "City") was designated an "area in need of rehabilitation" as defined by the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq., including the lots located at 687-689 Bergen Street, 691 Bergen Street, 693 Bergen Street, 695-715 Bergen Street, 158 Chadwick Avenue, 160 Chadwick Avenue, 162 Chadwick Avenue and 164 Chadwick Avenue, also known as Block 2687, Lots 14, 16, 17, 25, 40, 41, 42, 43 and 60 on the official tax maps of the City (the "Property"); and
WHEREAS, on January 5, 2017, pursuant to Municipal Council Ordinance 6PSF-b, the City adopted the South Bergen Street Redevelopment Plan (the "Redevelopment Plan"), as last amended April 7, 2020 by Ordinance 6PSF-e, which governs the zoning of the Property; and
WHEREAS, on May 6, 2020, pursuant to Resolution 7R2-r, the City designated Brandywine Acquisition and Development, LLC ("Brandywine") as the redeveloper of the Property that is to constitute the Bergen Street Police and Fire Training Academy site (the "Academy") and entered a Redevelopment Agreement dated July 8, 2020 (the "Redevelopment Agreement"); and
WHEREAS, on May 20, 2020, pursuant to Ordinance 6PSF-a, the City authorized the entry of a Capital Sale/Leaseback Agreement (the "Sale/Leaseback Agreement") with Brandywine as the redeveloper of the Property to finance and construct the Academy; and
WHEREAS, on September 18, 2020, the Sale/Leaseback Agreement was entered between the City and Brandywine; and
WHEREAS, authorized pursuant to a separate ordinance, the City is enteri...
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