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AN ORDINANCE AUTHORIZING THE MAYOR OF THE CITY OF NEWARK AND/OR HIS DESIGNEE, THE DEPUTY MAYOR/DIRECTOR OF THE DEPARTMENT OF ECONOMIC AND HOUSING DEVELOPMENT TO ENTER INTO AND EXECUTE THE ASSIGNMENT, ASSUMPTION AND SECOND AMENDMENT OF THE AGREEMENT FOR THE SALE OF LAND AND REDEVELOPMENT OF CITY PROPERTIES 442-446 SOUTH ORANGE AVENUE, 436-440 SOUTH ORANGE AVENUE, 432-434 SOUTH ORANGE AVENUE, 454-462 SOUTH ORANGE AVENUE AND 476 SOUTH ORANGE AVENUE IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 318, LOTS 1, 4 AND 8, BLOCK 319, LOT 21, AND BLOCK 320, LOT 4.
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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, in order to stimulate the reinvigoration of the City of Newark (the "City"), by Resolution 7Rdo(AS) adopted by the Municipal Council on June 15, 2005, the entire City was designated as an area in need of rehabilitation, pursuant to the Redevelopment Law; and
WHEREAS, on August 17, 2005 the Municipal Council approved Ordinance 6S&Fc(S), adopting the West Ward Redevelopment Plan, including any amendments thereto, for the Redevelopment Area (the "Redevelopment Plan"); and
WHEREAS, the City is the owner of property located at 442-446 South Orange Avenue, 436-440 South Orange Avenue, 432-434 South Orange Avenue, 454-462 South Orange Avenue and 476 South Orange Avenue and identified as Block 318, Lots 1, 4 and 8; Block 319, Lot 21 and Block 320, Lot 4 on the Official Tax Map of the City of Newark in the County of Essex, State of New Jersey (the "Property"); and
WHEREAS, the City has determined that the Property is no longer needed for any public use and that redevelopment of the Property will contribute to the social and economic improvement of the West Ward in accorda...
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