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THIS ORDINANCE SECURES BONDS OR OTHER OBLIGATIONS ISSUED IN ACCORDANCE WITH THE PROVISIONS OF THE "REDEVELOPMENT AREA BOND FINANCING LAW" AND THE LIEN HEREOF IN FAVOR OF THE OWNERS OF SUCH BONDS OR OTHER OBLIGATIONS IS A MUNICIPAL LIEN SUPERIOR TO ALL OTHER NON-MUNICIPAL LIENS HEREINAFTER RECORDED.
AN ORDINANCE AMENDING ORDINANCE 6PSF-d, ADOPTED ON APRIL 15, 2015, TO CORRECT A CLERICAL ERROR BY REPLACING THE FINANCIAL AGREEMENT WITH THE CORRECT FORM FINANCIAL AGREEMENT, AS WAS INTENDED FOR THE EAST PARK STREET HOSPITALITY URBAN RENEWAL, INC. PROJECT.
Sponsors: Gonzalez/James
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WHEREAS, on April 15, 2015, the Municipal Council of the City of Newark adopted Ordinance 6PSF-d authorizing the Mayor and the Deputy Mayor/Director of the Department of Economic and Housing Development to enter into a Financial Agreement with East Park Street Hospitality Urban Renewal, Inc.; and
WHEREAS, due to a clerical error there was a discrepancy as to the form of Financial Agreement that was presented to the Municipal Council for approval; and
WHEREAS, the Deputy Mayor/Director of the Department of Economic and Housing Development wish to amend Ordinance 6PSF-d, adopted on April 15, 2015, to correct the clerical error by having the Municipal Council approve the correct Financial Agreement, as was intended.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, AS FOLLOWS:
1. Ordinance SPSF-d, adopted on April 15, 2015, is hereby amended to replace the form of financial agreement that was provided to the Municipal Council for approval.
2. The Financial Agreement, in the form attached hereto, is approved and the Mayor and the Deputy Mayor/Director of the Department of Economic and Housing Development of the City (each, an "Authorized Officer") are each hereby authorized to execute, on the City's behalf, the attached Financial Agre...
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