Title
ORDINANCE AUTHORIZING THE MAYOR, AND/OR HIS DESIGNEE, THE DEPUTY MAYOR/DIRECTOR OF THE DEPARTMENT OF ECONOMIC AND HOUSING DEVELOPMENT TO ENTER INTO AN AGREEMENT WITH TIGER 31V, LLC TO EXCHANGE LAND LOCATED AT 167 PENNSYLVANIA AVENUE FOR CERTAIN CITY-OWNED PROPERTIES LOCATED AT 54 WRIGHT STREET AND 56 WRIGHT STREET LOCATED IN THE SOUTH WARD.
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WHEREAS, the City of Newark is the owner of the following parcels of real property located in the City of Newark, Essex County, New Jersey:
Address Block Lot Ward Size Sq. Feet
56 Wright Street 2804 34 South 25X90 2,250
54 Wright Street 2804 35 South 25X78.5 1,962.50
(the "City Properties"); and
WHEREAS, Tiger 31V, LLC, having an address of 195 West Lake Shore Drive, Rockaway, New Jersey 07866, is the owner of the following parcel of real property located in the City of Newark, Essex County, New Jersey:
Address Block Lot Ward Size Sq. Feet
167 Pennsylvania Avenue 2796 17 South 16.8X100 1,680
(the "Tiger 31V Property"); and
WHEREAS, N.J.S.A. 40A:12-5(a)(1) authorizes the City of Newark to exchange real property by ordinance; and
WHEREAS, through their negotiations, the City of Newark and Tiger 31V, LLC have determined that it is in each party's best interest to exchange the City Properties for the Tiger 31V Property.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The Mayor, and /or his designee, the Deputy Mayor/Director of the Department of Economic and Housing Development are hereby authorized to enter into an agreement to exchange land with Tiger 31V, LLC for the exchange of the following properties.
Property to be conveyed to Tiger 31V, LLC by the City of Newark
Address Block Lot Ward Sq. Feet
56 Wright Street 2804 34 South 25X90 2,250
54 Wright Street 2804 35 South 25X78.5 1,962.50
Property to be conveyed to the City of Newark by Tiger 31V, LLC
Address Block Lot Ward...
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