Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Land Bank
Purpose: To authorize Invest Newark, a New Jersey Non-profit Corporation, to acquire, maintain, and dispose of certain city-owned blighted, vacant and abandoned properties not needed for public use, pursuant to N.J.S.A. 40A:12A-74, et seq.
Entity Name: Invest Newark, a New Jersey Non-profit Corporation
Entity Address: 111 Mulberry Street, Newark, New Jersey 07102
Contract Amount: $0.00
Funding Source: 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)
See attached "Schedule A".
Addition Information:
Ordinance 6PSF-g adopted on October 16, 2019, established the Land Bank for the City of Newark.
Ordinance 6PSF-a adopted on April 7, 2020, designated Invest Newark as the Land Bank Entity for the City of Newark and authorized the execution of the Land Bank Agreement with Invest Newark.
Resolution 7R2-a adopted on October 19, 2022, authorized the first transfer of land to Invest Newark for the Land Bank.
Deferred 7R2-a(s) 081324
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WHEREAS, on July 11, 2019, Governor Phil Murphy signed the New Jersey Land Bank Law, P.L. 2019, c. 159, N.J.S.A. ? 40A:12A-74, et seq., (the "Act") which authorizes municipalities to enter into a land banking agreement with a non-profit entity, which would serve as the municipality's land banking entity and authorize the land banking entity to hold property in trust on behalf of the municipality, so long as the property is not already being used for any public purpose; and
WHEREAS, the Act provides that a land banking agreement may authorize the land bank entity to maintain, rehabilitate, lease, or convey municipal property without having to co...
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