Title
AN ORDINANCE TO EXTINGUISH THE RIGHT OF REVERTER IN THE DEED FOR THE PROPERTY COMMONLY KNOWN AS 613 SOUTH 18TH STREET, NEWARK, NEW JERSEY, BLOCK 351, LOT 59 AND AUTHORIZING THE EXECUTION OF A SETTLEMENT AGREEMENT BETWEEN THE CITY OF NEWARK AND 613 SOUTH 18TH LLC.
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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 "Act"), authorizes municipalities to participate in the redevelopment and improvement of areas that are in need of redevelopment or rehabilitation; and
WHEREAS, in order to stimulate the reinvigoration of the City of Newark (the "City"), by Resolution 7Rdo(AS) 061505 adopted on June 15, 2005, the entire City was designated as an area in need of rehabilitation pursuant to the Act; and
WHEREAS, on July 2, 2019, the City adopted Resolution 7R2-h(s) authorizing the sale of the property 613 S. 18th Street (the "Property") to Moustafa Abdalla to create a side-yard for the adjacent owner-occupied home (the "Project"); and
WHEREAS, on May 14, 2020, the City and Moustafa Abdalla entered into an Agreement for the Sale of Land and Redevelopment (the "Redevelopment Agreement") for the Project; and
WHEREAS, the City sold the Property to Moustafa Abdalla on June 18, 2020 for $6,800.00 via Quitclaim Deed, attached hereto as Exhibit A (the "Deed"); and
WHEREAS, the Deed contained a Right of Reverter stating, "the property is sold to the Redeveloper for the purpose of redeveloping the property to create a side-yard for the adjacent real property located at 613 S 18th Street, Newark, New Jersey and identified on the Tax Map of the City of Newark as Block 351 Lot 59 and is subject to the terms and conditions set forth in the Agreement for Sale of Land and Redevelopment authorized by the Municipal Council Resolution 7R2-H (S) adopted July 2, 2019"; and
WHEREAS, Moustafa Abdalla applied to the Zoning Board of Adjustment of the City of Newar...
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