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AN ORDINANCE TO ADOPT THE FOURTH AMENDMENT TO THE NEWARK DOWNTOWN CORE DISTRICT REDEVELOPMENT PLAN, TO TRANSFER BLOCK 166, LOT 1.04 TO THE HOUSING AUTHORITY OF THE CITY OF NEWARK, TO ACCEPT THE TRIANGLE PARK PROPERTIES FROM THE HOUSING AUTHORITY OF THE CITY OF NEWARK, AND TO DE-DESIGNATE THE HOUSING AUTHORITY OF THE CITY OF NEWARK AS THE REDEVELOPMENT ENTITY FOR THE NEWARK DOWNTOWN CORE DISTRICT REDEVELOPMENT AREA.
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WHEREAS, on July 14, 2004, the City of Newark ("City") utilized the powers of Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq. to designate over 39 acres of land within the Downtown Newark area as an "area in need of redevelopment," commonly known as the Newark Downtown Core District Redevelopment Area ("Redevelopment Area"); and
WHEREAS, on October 6, 2004, the Municipal Council adopted Ordinance 6S&FF adopting the Newark Downtown Core District Redevelopment Plan ("Plan"), which has been amended from time to time; and
WHEREAS, on October 6, 2004, the Municipal Council adopted Resolution 7RBC appointing the Housing Authority of the City of Newark ("Authority") as the City's Redevelopment Entity for the purpose of implementing the Plan on behalf of the City in accordance with N.J.S.A. 40A:12A-4(c); and
WHEREAS, the Authority entered into Redevelopment Agreements with Station Plaza Newark Downtown Core Urban Renewal Company, LLC, and Lafayette Broad, LLC to implement the Plan; and
WHEREAS, pursuant to the Redevelopment Agreements with Station Plaza Newark Downtown Core Urban Renewal Company, LLC, and Lafayette Broad, LLC (together as the "Redevelopers"), the Authority is required to transfer lands to and receive lands from the Redevelopers ("Triangle Park Exchange") to obtain ownership and title to the following properties within the Redevelopment Area: Block 159, Lot 10.02, Block 166, Lots 1.03, portion of 1.04 (proposed new lot 1.05), and Block 167, Lot 10....
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