Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Resolution Endorsing Extension of Triangle Park Exchange from August 5, 2015 to November 5, 2015
Purpose: Consent to an extension of Triangle Park Exchange from August 5, 2015 to November 5, 2015
Additional Information:
body
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 ("Redevelopment Area"); and
WHEREAS, on October 6, 2004, the Municipal Council adopted Ordinance 6S&FF adopting the Newark Downtown Core District Redevelopment Plan ("Plan"), which has been amended from time to time; and
WHEREAS, on October 6, 2004, the Municipal Council adopted Resolution 7RBC appointing the Housing Authority of the City of Newark ("Authority") as the City's Redevelopment Entity for the purpose of implementing the Plan on behalf of the City in accordance with N.J.S.A. 40A:12A-4(c); and
WHEREAS, the Authority entered into Redevelopment Agreements with Station Plaza Newark Downtown Core Urban Renewal Company, LLC, and Lafayette Broad, LLC; and
WHEREAS, pursuant to the Redevelopment Agreements with Station Plaza Newark Downtown Core Urban Renewal Company, LLC, and Lafayette Broad, LLC (together as the "Redevelopers"), the Authority is required to transfer lands to and receive lands from the Redevelopers ("Triangle Park Exchange") to obtain ownership and title to the following properties within the Redevelopment Area: Block 159, Lot 10.02, Block 166, Lots 1.03, portion of 1.04 (proposed new lot 1.05), and Block 167, Lot 10.02 ("Triangle...
Click here for full text