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AN ORDINANCE AUTHORIZING THE MAYOR OF THE CITY OF NEWARK, AND/OR HIS DESIGNEE, THE DEPUTY MAYOR/DIRECTOR OF THE DEPARTMENT OF ECONOMIC AND HOUSING DEVELOPMENT TO ENTER INTO AND EXECUTE THE SALE AND TRANSFER OF CITY PROPERTY IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 1830, LOT 1.01, PURSUANT TO AN AGREEMENT FOR SALE AND REDEVELOPMENT OF LAND.
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WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq., as amended and supplemented (the "Act"), authorizes municipalities to participate in the redevelopment and improvement of areas that are in need of redevelopment or rehabilitation; and
WHEREAS, in order to stimulate the reinvigoration of 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 Act; and
WHEREAS, on November 13, 2014, the Municipal Council of the City of Newark adopted Resolution 7R7-b (s) that authorized a Settlement Agreement and Stipulation of Settlement by and among the City of Newark (the "City"), Public Service Electric and Gas Company ("PSE&G") the Fairmont Housing Neighborhood Association ("FHNA") and the Urban League of Essex County (the "Redeveloper") in settlement of a litigation docketed OAL Docket No: PU04056-14 and BPU Docket No. EO14020185, related to the construction of the McCarter Switching Station ("PSE&G Facility") in the Fairmont Heights Neighborhood (the "Settlement Agreement"); and
WHEREAS, on November 26, 2014, the City, PSE&G, the FHNA, and the Redeveloper entered into the Stipulation of Settlement related to the McCarter Switching Station in the Fairmont Heights Neighborhood; and
WHEREAS, pursuant to the Settlement Agreement, the City agreed that PSE&G would undertake environmental remediation of Block 1830, Lots 10 and 1, and upon completion of the remediation of such properties, PSE&G would c...
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