Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Redevelopment Agreement
Purpose: To authorize the execution of a Redevelopment Agreement with Ballantine EFG Property Owner Urban Renewal, LLC.
Entity Name: Ballantine EFG Property Owner Urban Renewal, LLC
Entity Address: 292 Madison Avenue, 24th Floor, New York, New York, 10017
Contract Amount: $0.00
Development Agreement Term:
City Contribution to Development Project: ( ) Grant or Loan ( ) Guarantee
( ) None (X) Other (PILOT approved via Ordinance 6PSF-c adopted on January 5, 2022)
Developer Investment: (Not Applicable)
Developer Third-Party Financing
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)
74-82 Freeman Street/ Block 2474/Lot 1.02/East Ward
428-442 Ferry Street/Block 2474/Lot 8 (and add'l Lot 14)/East Ward
Additional Information:
body
WHEREAS, in order to stimulate the reinvigoration of the City of Newark (the "City"), by Resolution 7Rdo(AS) adopted by the Municipal Council on June 15, 2005, the entire City of Newark was designated as an area in need of rehabilitation pursuant to the Local Redevelopment and Housing Law, N.J.S.A. 40A: 12A-1, et seq. (the "Act" or "LRHL"); and
WHEREAS, by Ordinance 6PSF-I adopted on August 7, 2013, the Municipal Council adopted the "Newark's River: Public Access and Redevelopment Plan" (as amended, the "Redevelopment Plan"), which provided for the facilitation of the redevelopment of certain parcels in the City of Newark for residential, commercial, and industrial use; and
WHEREAS, by Ordinance 6PSF-...
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