Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Confirming Bond Sale
Amount to be Financed: $8,000,000.00
Source of Appropriation: Redevelopment Area Bonds
Purchaser: The Prudential Insurance Company of America
Project Information:
(Description/ Project No./Amount Appropriated/Ordinance No.)
RESOLUTION AUTHORIZING AND PROVIDING FOR THE SALE AND ISSUANCE OF NON-RECOURSE REDEVELOPMENT AREA BONDS, SERIES 2026 (930 MCCARTER URBAN RENEWAL, LLC PROJECT) (FEDERALLY TAXABLE) OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY, PROVIDING FOR THE FORM, MATURITIES AND OTHER DETAILS OF SAID BONDS; AUTHORIZING THE EXECUTION AND DELIVERY BY THE CITY OF A MASTER TRUST INDENTURE, A FIRST SUPPLEMENTAL INDENTURE, A PLEDGE AND ASSIGNMENT AGREEMENT, AND SUCH OTHER DOCUMENTS AND INSTRUMENTS AS NECESSARY FOR THE ISSUANCE OF SAID BONDS
Additional Information:
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WHEREAS, on August 7, 2013, the Municipal Council of the City of Newark, in the County of Essex, State of New Jersey (the “City”) via Ordinance 6PSF-I adopted the Newark’s River: Public Access and Redevelopment Plan (the “Redevelopment Plan”), which has been amended from time to time; and
WHEREAS, on August 5, 2020, the Municipal Council of the City adopted Resolution 7R2-e(as) declaring, inter alia, Block 1, Lot 46.02 (formerly Block 1, Lots 30 and 46) (the “Property”) as an Area in Need of Redevelopment pursuant to the Local Redevelopment and Housing Law, constituting Chapter 79 of the Pamphlet Laws of 1992 of the State of New Jersey (the “State”), and the acts amendatory thereof and supplemental thereto (the “Redevelopment Law”, as codified by N.J.S.A. 40A:12A-1 et seq.); and
WHEREAS, 930 McCarter Urban Renewal, LLC, an urban renewal entity (the “Entity”) qualified to do business under and in accordance with the Long Term Tax Exemption Law, constituting Chapter 431 of the Pamphlet L...
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