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AN ORDINANCE AUTHORIZING THE EXECUTION OF A LAND EXCHANGE AGREEMENT WITH STATION PLAZA NEWARK DOWNTOWN CORE URBAN RENEWAL COMPANY, LLC ("STATION PLAZA"), WHICH ANTICIPATES: (A) THE VACATION OF THE COMMERCE STREET RIGHT OF WAY AND A PORTION OF THE COMMERCIAL STREET RIGHT OF WAY AND TRANSFER OF THE SAME TO STATION PLAZA; (B) THE SUBDIVISION OF A PORTION OF BLOCK 169.01 LOTS 60 AND 70, CURRENTLY OWNED BY STATION PLAZA, AND TRANSFER OF THE SUBDIVIDED PORTION FROM STATION PLAZA TO THE CITY; (C) THE EXECUTION OF A LICENSE AGREEMENT WITH STATION PLAZA TO TEMPORARILY LICENSE A PORTION OF THE SUBDIVIDED PROPERTY BACK TO STATION PLAZA; AND (D) THE RECEIPT OF THE SUM OF $5,200,000.00 FROM STATION PLAZA AS ADDITIONAL CONSIDERATION IN THE TRANSACTION, TO BE APPLIED TO THE CONSTRUCTION OF A NEW HOMELESS SHELTER IN THE CITY AND TO ADOPT AMENDMENT # 1 TO THE AMENDED AND RESTATED REDEVELOPMENT AGREEMENT BETWEEN THE HOUSING AUTHORITY OF THE CITY OF NEWARK (SUBSEQUENTLY ASSIGNED TO AND ASSUMED BY THE CITY OF NEWARK) AND STATION PLAZA.
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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 over 39 acres of land within the Downtown Newark area as an "area in need of redevelopment", commonly known as the Newark Downtown Core District Redevelopment Area (the "Redevelopment Area"); and
WHEREAS, the City has determined to undertake the redevelopment of the City's Downtown Core Area in accordance with the "Newark Downtown Core District Redevelopment Plan and Amendment to the Newark Plaza Urban Renewal Plan" enacted by Ordinance 6S&FF adopted on October 6, 2004, as amended on September 7, 2005, May 5, 2010, February 24, 2015, September 2, 2015, and June 7, 2017 (and as further clarified and amended by that certain Fifth Amendment to the Newark Living Downtown Redevelopment Plan, adopted by the City through Ordinance 6PSF-e on September 5, 2019) (and as may be furthe...
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