Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Redevelopment Agreement
Purpose: To authorizing the execution of a Settlement Agreement with 50-58 Jersey Street, LLC.
Entity Name: 50-58 Jersey Street, LLC
Entity Address: 28 Clinton Street, Newark, New Jersey 07102
Contract Amount: Not Applicable
Development Agreement Term: Not Applicable
City Contribution to Development Project: ( ) Grant or Loan ( ) Guarantee
(X) None ( ) Other
Developer Investment: Not Applicable
Developer Third-Party Financing: Not Applicable
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Property:
(Address/Block/Lot/Ward)
937-941 Raymond Boulevard/Block 170/Lot 1/East Ward
50-58 Jersey Street/Block 170/Lots 20/East Ward
Additional Information:
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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 of Newark (the "City"), by Resolution 7Rdo(AS) 061505 adopted on June 15, 2005, the entire City was designated as an area in need of rehabilitation pursuant to the Act; and
WHEREAS, 50-58 Jersey Street, LLC ("50-58 Jersey") is the owner of property located at 50-58 Jersey Street and 937-941 Raymond Boulevard, Newark, New Jersey, and identified on the Tax Maps of the City of Newark as Block 170, Lot 1 and Block 170, Lot 20 (collectively, the "Property") and
WHEREAS, the Municipal Council of the City of Newark (the "Municipal Council") adopted Ordinance 6PSF-i adopted on August 7, 2013, approving and adopting...
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