Title
AN ORDINANCE AUTHORIZING CAPITAL SALE/LEASEBACK AGREEMENT AS A CAPITAL LEASE WITH BRANDYWINE ACQUISITION AND DEVELOPMENT, LLC, AS DESIGNATED REDEVELOPER, FOR REDEVELOPMENT OF THE EVIDENCE STORAGE FACILITY SITE FOR THE CITY OF NEWARK.
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WHEREAS, on June 15, 2005, pursuant to Resolution 7Rdo(AS), adopted by the Municipal Council, the entire City of Newark 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 775 Bergen Street, 777 Bergen Street, 779-781 Bergen Street, 783 Bergen Street, 785 Bergen Street, 787-791 Bergen Street, 793 Bergen Street, 178 W. Runyon Street, 174-176 W. Runyon Street and 172 W. Runyon Street, also known as Block 2711, Lots 1, 2, 3, 4, 6, 7, 8, 11, 53, 54 and 56 on the Official Tax Map of the City of Newark ("Property"); and
WHEREAS, on January 5, 2017, pursuant to Ordinance 6PSF-b, adopted by the Municipal Council, the City of Newark adopted the South Bergen Street Redevelopment Plan (the "Redevelopment Plan"), as last amended by Ordinance 6PSF-e on April 7, 2020, which governs the zoning of the Property; and
WHEREAS, companion legislation will be presented to the Municipal Council at the same meeting this legislation is presented designating Brandywine Acquisition and Development, LLC as the redeveloper ("Redeveloper") of the Property that is to constitute the Evidence Storage site; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8, the City and the Redeveloper have negotiated a Capital Sale/Leaseback Agreement ("Agreement") to govern the conveyance, financing and construction of the Property that is to constitute the new Evidence Storage Facility site; and
WHEREAS, N.J.S.A. 40A:12A-8(g) authorizes the City to "lease or convey property or improvements to any other party . . . without public bidding and at such prices and upon such terms as it deems reasonable, provided that the lease or con...
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