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AN ORDINANCE AUTHORIZING CAPITAL SALE/LEASEBACK AGREEMENT AS A CAPITAL LEASE WITH BRANDYWINE ACQUISITION AND DEVELOPMENT, LLC, AS DESIGNATED REDEVELOPER, FOR REDEVELOPMENT OF THE CRIME AND BALLISTICS FACILITY SITE FOR THE CITY OF NEWARK. (SOUTH WARD)
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WHEREAS, on June 15, 2005, pursuant to Resolution 7Rdo(AS), adopted by the Municipal Council, the entire City of Newark was designated an "area in need of rehabilitation" as defined by the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq., including the lots located at 706-714 Hunterdon Street, 247 Peshine Avenue, 249-251 Peshine Avenue, 253-255 Peshine Avenue and 257 Peshine Avenue, also known as Block 2706, Lots 1, 2, 3, 4, 5, 6, 54, 56 and 58 on the Official Tax Map of the City of Newark ("Property"); and
WHEREAS, on January 5, 2017, pursuant to Ordinance 6PSF-b, adopted by the Municipal Council, the City of Newark adopted the South Bergen Street Redevelopment Plan (the "Redevelopment Plan"), as last amended by Ordinance 6PSF-e on April 7, 2020, which governs the zoning of the Property; and
WHEREAS, companion legislation will be presented to the Municipal Council at the same meeting this legislation is presented designating Brandywine Acquisition and Development, LLC as the redeveloper of the Property that is to constitute the state-of-the-art Crime and Ballistics Facility site; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8, the City and the Redeveloper have negotiated a Capital Sale/Leaseback Agreement ("Agreement") to govern the conveyance, financing and construction of the Property that is to constitute the new state-of-the-art Crime and Ballistics Facility site; and
WHEREAS, N.J.S.A. 40A:12A-8(g) authorizes the City to "lease or convey property or improvements to any other party . . . without public bidding and at such prices and upon such terms as it deems reasonable, provided that the lease or conveyance is made in conjunction with a ...
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