Title
ORDINANCE AUTHORIZING SALE/LEASEBACK AGREEMENT AS A CAPITAL LEASE WITH BRANDYWINE ACQUISITION AND DEVELOPMENT, LLC, AS THE DESIGNATED REDEVELOPER, FOR THE REDEVELOPMENT OF THE BERGEN STREET POLICE AND FIRE TRAINING ACADEMY SITE FOR THE CITY OF NEWARK.
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WHEREAS, on June 15, 2005, pursuant to Council Resolution 7Rdo(AS), 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 687-689 Bergen Street, 691 Bergen Street, 693 Bergen Street, 695-715 Bergen Street, 158 Chadwick Avenue, 160 Chadwick Avenue, 162 Chadwick Avenue and 164 Chadwick Avenue, also known as Block 2687, Lots 14, 16, 17, 25, 40, 41, 42, 43 and 60 on the tax maps of the City of Newark ("Property"); and
WHEREAS, on January 5, 2017, pursuant to Council Ordinance 6PSF-b, the City of Newark adopted the South Bergen Street Redevelopment Plan (the "Redevelopment Plan"), as last amended January 7, 2020, which governs the zoning of the Property; 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 Properties that is to constitute the new Police and Fire Training Academy site; and
WHEREAS, N.J.S.A. 40A:12A-8(g) authorizes the City to "lease or convey properties 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 Properties to the designated redeveloper for the development of a new Police and Fire Training Academy pursuant to the City's specifications that will be privately financed through capital lease payments for a term of 20 years, after which time f...
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