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AN ORDINANCE AUTHORIZING THE MAYOR, AND/OR HIS DESIGNEE, THE DEPUTY MAYOR/DIRECTOR OF THE DEPARTMENT OF ECONOMIC AND HOUSING DEVELOPMENT TO AUTHORIZE THE SALE AND TRANSFER OF THE CITY OF NEWARK PROPERTY, 324-346 SOUTH ORANGE AVENUE, IDENTIFIED ON THE CITY OF NEWARK TAX MAP AS BLOCK 268, LOT 1 and 1 BLDG AND BLOCK 269, LOT 4 TO ESSEX RESERVOIR URBAN RENEWAL LLC FOR THE AMOUNT OF $1.00, PURSUANT TO AN AGREEMENT FOR SALE AND REDEVELOPMENT OF LAND.
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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 "Redevelopment Law"), provides a process for municipalities to participate in the redevelopment and improvement of areas in need of redevelopment; and
WHEREAS, in order to stimulate the reinvigoration of the City of Newark (the "City"), by Resolution 7Rdo(AS) adopted by the City Municipal Council on June 15, 2005, the entire City was designated as an area in need of rehabilitation pursuant to the Redevelopment Law; and
WHEREAS, the City is the owner of the property located at 324-346 South Orange Avenue and designated as Block 268 Lot 1 and 1 BLDG and Block 269, Lot 4 on the official tax map of the City of Newark (together with all structures, property rights and related claims and interests, the "Property"); and
WHEREAS, on July 14, 1975, the City entered into a fifty (50) year Lease Agreement with Reservoir Associates, Ltd. ("Reservoir") for Reservoir to construct and operate a multifamily residential building on the Property containing eighty (80) affordable residential dwelling units with rents restricted for low- and moderate-income families; and
WHEREAS, Reservoir constructed a 100% affordable multifamily residential building containing eighty (80) affordable residential dwelling units on the Property; however, after construction, Reservoir neglected the Property causing the eighty (80) residential dwelling units to deteriorate; and
WHEREAS, on or abou...
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