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AN ORDINANCE TO AMEND ORDINANCE 6PSF-B SEPTEMBER 2, 2015, BY TRANSFERING BLOCK 865, LOT 64, 56 GREEN STREET AND AN ADDITIONAL 20,000 SQUARE FEET OF BLOCK 166, LOT 1.03, 160-176 MULBERRY STREET, AS INDICATED IN THE ATTACHED BORRIE, MCDONALD, & WATSON SURVEY, DATED MAY 5, 2016 TO LAFAYETTE BROAD, LLC., OR ONE OF ITS AFFILIATED REDEVELOPER PROPERTY COMPANIES AT $176.00 PER SQUARE FOOT TOTALING $3,520,000.00
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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 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 and Amendment to the Newark Plaza Urban Renewal 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, on March 9, 2006, Mulberry Green Realty, LLC and Mulberry Hamilton Associates, LLC (the "Redeveloper Companies") entered into an agency agreement with Lafayette Broad, LLC to act as the agent for the Redeveloper Companies for the purpose of executing a Redevelopment Agreement with the Authority as the Redevelopment Entity for the Redevelopment Area (the "Agency Agreement"); and
WHEREAS, after the execution of the Agency Agreement, on March 9, 2006, the Authority entered into Redevelopment Agreement with Lafayette Broad, LLC as agent for the Redeveloper Companies ("Initial Redevelopment Agreement"), which was amended on July 7, 2016...
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