Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Redevelopment Agreement
Purpose: To authorize execution of a Redevelopment Agreement with Centerpoint 49 Rutherford Urban Renewal, LLC
Entity Name: CenterPoint 49 Rutherford Urban Renewal, LLC
Entity Address: 1808 Swift Drive, Oak Brook, Illinois 60524
Contract Amount: $0.00; The property is not City-owned
Development Agreement Term: Not Applicable
City Contribution to Development Project: ( ) Grant or Loan ( ) Guarantee
(X) None ( ) Other: ( )
Developer Investment: (N/A)
Developer Third-Party Financing
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Property:
(Address/Block/Lot/Ward)
17-89 Rutherford Street/Block 5050.01/Lot 15/East Ward
91-127 Rutherford Street/Block 5056/Lot 26/East Ward
Additional Information:
This Redevelopment Agreement was contemplated in a Settlement Agreement approved by the Municipal Council by Resolution 7R6-b adopted on April 7, 2020.
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WHEREAS, on November 6, 1963, the Municipal Council adopted Resolution 7Rf designating an area known as the Industrial River Urban Renewal Project Area (the "Industrial River U.R.A.") as a "Blighted Area" under the former Blighted Areas Act, and on June 18, 1964 through Resolution 7Raa adopted the Industrial River Project Urban Renewal Plan thereto (the "Redevelopment Plan"); and
WHEREAS, on January 19, 2017, the Municipal Council adopted Resolution 7R2-a, which authorized and directed the City of Newark Central Planning Board (the "Central Planning Board") to conduct a preliminary investigation to determine whether certain properties (including the Property as defined herein) in the area at or a...
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