Title
AN ORDINANCE AUTHORIZING THE ACQUISITION BY THE CITY OF NEWARK FROM 1160 RAYMOND RETAIL PROPERTIES, LLC OF CERTAIN REAL PROPERTY CONSISTING OF APPROXIMATELY 8,765 SQUARE FEET OF SPACE IN THE CONDOMINIUM BUILDING LOCATED AT 1160-1166 RAYMOND BOULEVARD, KNOWN AS BLOCK 144.01, LOT 46.03, CONDOMINIUM QUALIFIER C3A, INCLUDING A PROPORTIONATE UNDIVIDED INTEREST IN CERTAIN COMMON ELEMENTS AND LIMITED COMMON ELEMENTS APPURTENANT THERETO, IF ANY, AT A PRICE OF $2,500,000.00, TO BE FUNDED THROUGH A CAPITAL PROJECTS GRANT FUND AWARDED TO THE CITY OF NEWARK FOR THE PURPOSE OF DEVELOPING AND OPERATING A COMMUNITY RESOURCE CENTER TO PROVIDE HEALTH AND ECONOMIC SERVICES TO RESIDENTS OF THE CITY OF NEWARK.
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WHEREAS, the Local Lands and Buildings Law, codified as N.J.S.A. 40A:12-1 et seq. (the "Local Lands and Buildings Law"), provides that a municipality may, by ordinance, acquire real property or an interest therein by purchase, gift, devise, lease, exchange or condemnation; and
WHEREAS, by Resolution 7Rdo(AS), adopted June 15, 2005, by the Municipal Council, the entire City of Newark (the "City") was designated an "area in need of rehabilitation" as defined by the Local Redevelopment and Housing Law, codified as N.J.S.A. 40A:12A-1 et seq., including the land, improvements, and property located at 1160-1166 Raymond Boulevard, also known as Block 144.01, Lot 46.03, Condominium Qualifier C3A, on the Official Tax Map of the City of Newark (collectively, the "Condominium Property"); and
WHEREAS, approximately 23,674 square feet of the condominium building located on the Condominium Property together with a proportionate undivided interest in the Common Elements and Limited Common Elements (as such terms are defined in the hereinafter defined Master Deed) appurtenant thereto, if any, (collectively, the "Retail Unit") is owned in fee simple by Didco Urban Renewal Company, a New Jersey Limited Partnership, with offices at 3003 English Creek Avenue,...
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