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AN ORDINANCE TO RELEASE REVERTER RIGHTS WITH RESPECT TO CERTAIN REAL PROPERTY AND IMPROVEMENTS LOCATED IN THE CITY OF NEWARK, ESSEX COUNTY, NEW JERSEY, KNOWN AS THE BEARS AND EAGLES RIVERFRONT STADIUM, IDENTIFIED AS BLOCK 10, LOTS 1, 6 AND 14; BLOCK 11, LOTS 1 AND 18; BLOCK 25.01, LOTS 1.01, 2, 27 AND 37; AND BLOCK 26, LOTS 1 AND 15. (CENTRAL WARD).
Sponsor(s): Crump/ Gonzalez
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WHEREAS, the Essex County Improvement Authority ("ECIA"), by and on behalf of the County of Essex, is the owner of fee title to those certain parcels of land presently improved with a sports stadium known as Bears and Eagles Riverfront Stadium and other improvements (collectively the "Project") in the City of Newark, Essex County, New Jersey, currently identified as Block l0, Lots 1, 6 and 14; Block 11, Lots 1 and 18; Block 25.01, Lots 1.01, 2, 27 and 37; and Block 26, Lots 1 and 15 on the official Tax Map of the City of Newark and legally described on Exhibit "A" attached hereto (the "Property"), but excluding that certain parking garage (the "Garage") associated with the Project (the "Retained Parcel"); and
WHEREAS, in connection with the development, finance and management of the Project, pursuant to those certain Lease Agreements and Service Agreements as more particularly set forth on Exhibit "B" attached hereto and made a part hereof, by and between ECIA and the County of Essex and the ECIA and the City of Newark, the County and the City each have rights to acquire title to the Property or some portion thereof under certain circumstances when the Outstanding Bonds as defined on Exhibit "C" attached hereto issued in connection with the financing of the Project are satisfied; and
WHEREAS, on March 15, 2016, ECIA entered into a Purchase and Sale Agreement (the "Purchase and Sale Agreement") with LOTUS Equity Group, LLC ("LOTUS") pursuant to which ECIA agreed to sell its rights, title and interest in and to the Property and Project to LOTUS (excluding the Retained P...
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