Title
AN ORDINANCE REQUIRING A DEED RESTRICTION TO BE RECORDED UPON THE SALE OF ONE HUNDRED PERCENT (100%) OF THE CITY'S PROPERTY STOCK THAT THE CITY SELLS FOR PURPOSES OF REDEVELOPMENT THAT IS SOLD PRIOR TO THE COMPLETION OF THE PROJECT THEN THE CITY IS ENTITLED TO AN AMOUNT EQUAL TO NINETY PERCENT (90%) OF THE FAIR MARKET VALUE OF THE PROPERTY AT THE TIME THE PROPERTY IS SOLD AND ENSURING THAT ANY PURCHASER OF CITY PROPERTY SOLD FOR THE PURPOSES OF REDEVELOPMENT COMPLIES WITH ANY AND ALL APPLICABLE "BEST EFFORTS" WORKFORCE REQUIREMENTS.
body
WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq., as amended and supplemented (the "Redevelopment Law"), provides a process for municipalities to participate in the redevelopment and improvement of areas in need of redevelopment; and
WHEREAS, in order to stimulate the reinvigoration of the City of Newark (the "City"), by Resolution 7RDO(AS) adopted by the City Municipal Council on June 15, 2005, the entire City was designated as an area in need of rehabilitation pursuant to the Redevelopment Law; and
WHEREAS, the City has determined that certain property within the City is no longer needed for any public use and that redevelopment on those properties will contribute to the economic improvement of the City in accordance with the intent, goals and objectives of the City's Redevelopment Plans; and
WHEREAS, the City has sold property for the purpose of redevelopment and entered into many redevelopment agreements with designated redevelopers to ensure the implementation of the Redevelopment Plans and the continued growth and development within the City; and
WHEREAS, the City finds that it is in the public interest to ensure that all property conveyed to a designated redeveloper for the purposes of redevelopment remains subject to the obligations, covenants, conditions, and restrictions necessary to carry out the redevelopment plans; and
...
Click here for full text