Title
Dept/ Agency: Law
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Settlement of Civil Litigation
Docket No.: n/a
Claimant: Bayonne Barrel & Drum Site Potentially Responsible Party Group
Claimant's Attorney: William H. Hyatt, Jr.
Attorney's Address: K&L Gates LLP, One Newark Center, 10th Floor, Newark, New Jersey 07102
Settlement Amount: One-half interest in Purchase Money Mortgage
Funding Source: Baybar Development LLC or Redeveloper
Additional Comments:
Invitation: Corporation Counsel, October 22, 2013
No Action Taken 7R7-b 102313
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WHEREAS, the City of Newark is the fee owner through tax foreclosure of 140-166 Raymond Boulevard, Newark, New Jersey, which includes Block 5002, Lots 3, 5, 14 and 16 and Parcel 560, known as the Bayonne Barrel & Drum Site (the "Site"); and
WHEREAS, the environmental contamination at the Site includes contamination associated with the presence of "historic fill" as defined at N.J.A.C. 7:26E-1.8; and
WHEREAS, by Resolution 7-R-a(S) May 29, 2002, the City of Newark Municipal Council authorized the execution of a Redevelopment Agreement with BayBar Development, LLC for the Sale of Land and Redevelopment of 140-166 Raymond Boulevard (the "Redevelopment Agreement"); and
WHEREAS, the Redevelopment Agreement provides, among other things, that BayBar Development, LLC will pay a Purchase Price for the Site not below Six Hundred Thousand Dollars ($600,000.00) in the form of a purchase money mortgage note (the "Purchase Money Mortgage Note"); and
WHEREAS, members of the so-called Bayonne Barrel & Drum Site Potentially Responsible Party Group (the "BB&D Group") entered into a Memorandum of Agreement with the New Jersey Department of Environmental Protection (the "NJDEP"), effective December 11, 2002, pursuant to which the BB&D Group agreed to perform a remedial action at the Site ("MOA"); and
WHEREAS, the BB&D Groups asserts that the City of Newark is liable for certain c...
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