Title
AN ORDINANCE AUTHORIZING CAPITAL SALE/LEASEBACK AGREEMENT AS A CAPITAL LEASE WITH BRANDYWINE ACQUISITION AND DEVELOPMENT, LLC, AS DESIGNATED REDEVELOPER, FOR THE REDEVELOPMENT OF THE IRVINE TURNER TRAFFIC FACILITY SITE FOR THE CITY OF NEWARK. (SOUTH WARD)
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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 361-377 Irvine Turner Boulevard, 379-383 Irvine Turner Boulevard and 81-83 Hillside Avenue, also known as Block 2675, part of Lot 1 and Lots 25, and 46 on the official Tax Map of the City of Newark ("Property"); and
WHEREAS, on July 8, 2021, pursuant to Municipal Council Ordinance 6PSF-b, the City of Newark adopted the Irvine Turner Boulevard and Central Avenue Redevelopment Plan (the "Redevelopment Plan"), 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 of the Property that is to constitute the Irvine Turner Traffic Facility 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 state-of-the-art Traffic 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 conveyance is made in conjunction with a redevelopment plan . . . ."; and
WHEREAS, under the Agreement, the City will convey the Property to the desig...
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