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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 A SETTLEMENT AGREEMENT AND FIRST AMENDMENT TO THE REDEVELOPMENT AND PROPERTY CONVEYANCE AGREEMENT BETWEEN THE CITY OF NEWARK AND 152 RUTHERFORD STREET URBAN RENEWAL, LLC, PERTAINING TO THE SALE OF CITY-OWNED PROPERTY LOCATED AT 152-164 RUTHERFORD STREET, NEWARK, NEW JERSEY 07105, AS IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 5056, LOT 20 (EAST WARD).
No Action Taken 8-b 111323
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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, pursuant to N.J.S.A. 40A:12A-8(f), the City of Newark (the "City") is authorized to arrange or contract with redevelopers for the planning, re-planning, construction or undertaking of any redevelopment project; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City may "convey property without public bidding and at such prices and upon such terms as it deems reasonable" and said conveyance is made in conjunction with a redevelopment plan, notwithstanding the provisions of any law, rule, or regulation to the contrary; and
WHEREAS, in order to stimulate the reinvigoration of the City, by Resolution 7Rdo(AS) adopted on June 15, 2005, the entire City was designated as an area in need of rehabilitation pursuant to the Act; and
WHEREAS, the Municipal Council thereafter adopted Ordinance 6S&Fe on September 21, 2005, adopting the First Amendment to the East Ward Redevelopment Plan, governing the redevelopment of City-owned properties located within the East Ward, which includes the City-owned property commonly known as 152-164 Rutherford Street and identified on the Official Tax M...
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