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AN ORDINANCE PROVIDING FOR THE VACATION OF THE ENTIRETY OF COMMERCE STREET BETWEEN RAYMOND PLAZA EAST AND MARKET STREET, PURSUANT TO N.J.S.A. 40:67-1 ET SEQ. AND IN ACCORDANCE WITH ORDINANCE 6PSF-e ADOPTED ON APRIL 21, 2021. (EAST WARD)
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WHEREAS, Commerce Street is a public street in the City of Newark (the "City"), as indicated on Exhibit A attached hereto, a portion of which is bounded on the northwest by Raymond Plaza East, on the northeast by property owned by Raymond Newark Properties, LP, an affiliate of Station Plaza Newark Downtown Core Urban Renewal Company, LLC ("Station Plaza"), to the southwest by Market Street, and to the southeast by Mother Cabrini Park, a City-owned park; and
WHEREAS, on April 21, 2021, the Municipal Council, adopted Ordinance 6PSF-e, authorizing the execution of a land exchange agreement (the "Exchange Agreement"), with Station Plaza which ordinance anticipated the vacation of the entirety of the Commerce Street right-of-way between Raymond Plaza East and Market Street, as described herein, together with a portion of the Commercial Street right of way and the transfer of the same to Station Plaza in return for, among other things, a payment of Five-Hundred Two Hundred Thousand Dollars And No Cents ($5,200,000), to assist in the construction of a homeless shelter, and in exchange for a portion of Station Plaza's property abutting the Passaic River to assist in the development of a waterfront park pursuant to the "Newark's River: Public Access and Redevelopment Plan", enacted by Ordinance 6PSF-1 adopted on August 7, 2013, as amended through Ordinance 6PSF-a(s) adopted on October 17, 2017 (and as may be further amended from time to time); and
WHEREAS, the Exchange Agreement provides for the City's transfer of that portion of the vacated Commerce Street right-of-way abutting Mother Cabrini Park to Station Plaza; and
WHEREAS, N.J.S.A. 40:67-1, et seq. authorizes the Municipal Council to vacate an...
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