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AN ORDINANCE AUTHORIZING THE MAYOR OF THE CITY OF NEWARK, AND/OR HIS DESIGNEE, THE DEPUTY MAYOR/DIRECTOR OF THE DEPARTMENT OF ECONOMIC AND HOUSING DEVELOPMENT TO EXERCISE ITS RIGHT OF REVERTER IN CONNECTION WITH THE PROPERTY COMMONLY KNOWN AS, 204 PESHINE AVENUE AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2690, LOT 55, PURSUANT TO THE REDEVELOPMENT AGREEMENT FOR THE CITY OF NEWARK VALENTINE'S DAY LAND SALE.
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WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq., as amended and supplemented (the "Act"), authorizes municipalities to participate in the redevelopment and improvement of areas that are in need of redevelopment or rehabilitation; and
WHEREAS, in order to stimulate the reinvigoration of the City, by Resolution 7Rdo(AS) adopted by the Municipal Council on June 15, 2005, the entire City of Newark (the "City") was designated as an area in need of rehabilitation pursuant to the Act; and
WHEREAS, in order to further this objective, on February 14, 2015, the City conducted the Valentine's Day Land Sale to transform vacant properties into the opportunities for home ownership by selling certain City-owned lots, for the price of $1,000.00 per lot, to couples (i.e. two (2) individuals), who wish to build an owner-occupied home consisting of one (1), two (2), or three (3) residential units, with or without retail use (the "Project"); and
WHEREAS, on June 17, 2015, the Municipal Council approved Resolution 7R3-m(AS) (the "Resolution") authorizing the City to enter into a Redevelopment Agreement for the City of Newark Valentine's Day Land Sale (the "Redevelopment Agreement") with Anthony Neal and Vilma Esther Paige (collectively, the "Redeveloper") for the construction of the Project on the City-owned property, commonly known as 204 Peshine Avenue and identified on the Official Tax Map of the City of Newark, as Block 2690, Lot 55 (the "Property"); and
WHEREAS, the City transf...
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