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AN ORDINANCE PROVIDING FOR THE VACATION OF A PORTION OF COMMERCIAL STREET COMPRISED OF A (10) FOOT WIDE STRIP OF COMMERCIAL STREET AS LAID OUT APPROXIMATELY (241.5') FEET IN LENGTH, AND BEGINNING AT A POINT AT THE NORTHWESTERLY CORNER OF COMMERCIAL STREET AND RAYMOND PLAZA EAST AND RUNNING IN A SOUTHEASTERLY DIRECTION ALONG THE EXISTING RIGHT OF WAY LINE ADJACENT TO PROPERTY KNOWN AS AND LOCATED ON TH EOFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 169.01, LOTS 60 AND 70, CURRENTLY OWNED BY COMMERCIAL STREET PROPERTIES, LP, CONSISTING OF APPROXIMATELY 2,411 SQUARE FEET, 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, Commercial Street is a public street in the City of Newark (the "City"), as indicated on Exhibit A attached hereto, which is bounded on the northwest by Raymond Plaza East and on the northeast by property owned by Commercial Street Properties, LP, an affiliate of Station Plaza Newark Downtown Core Urban Renewal Company, LLC ("Station Plaza"); 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 a portion of the Commercial Street right of way, as described herein, together with the entirety of the Commerce Street right-of-way located between Raymond Plaza East and Market Street and the transfer of the same to Station Plaza in return for, among other things, a payment of Five Million Two Hundred Thousand Dollars and Zero 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 ...
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