Title
ORDINANCE APPROVING THE EXECUTION OF A FINANCIAL AGREEMENT WITH MATRIX/SJP RIVERFRONT PLAZA I URBAN RENEWAL, L.L.C., c/o SJP PROPERTIES, MORRIS CORPORATE CENTER IV, 370 INTERPACE PARKWAY, PARSIPPANY, NEW JERSEY 07054,AND OTHER APPLICABLE DOCUMENTS RELATED TO THE AUTHORIZATION AND ISSUANCE BY THE NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY OF ITS REDEVELOPMENT AREA BONDS (NON-RECOURSE TO THE FULL FAITH AND CREDIT OF THE CITY) IN AN AMOUNT SUFFICIENT TO GENERATE UP TO $10,541,703.00 IN PROJECT COSTS, AND DETERMINING VARIOUS OTHER MATTERS IN CONNECTION THEREWITH AND AMENDING THE DESIGNATION RESOLUTION FOR THE NEWARK DOWNTOWN CORE REDEVELOPMENT PLAN AND THE AFFIRMATIVE ACTION ORDINANCE IN REGARD TO THE PANASONIC PROJECT, (CENTRAL WARD)
No Action Taken, November 20, 2012
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WHEREAS, the Municipal Council of the City of Newark (the “City”) has heretofore designated an area known as the Newark Plaza Urban Renewal Area or Gateway Area (generally described as the area from the Passaic Riverfront and the Northeast Corridor railroad tracks on the easterly side of Broad Street on the west, and portions of Park Street on the north to parts of Lafayette Street on the south) and an area known as the Newark Downtown Core District Area (generally described as the area bounded by Market Street and Edison Place to the north, Broad Street to the west, Green Street and Lafayette Street to the south, and Mulberry Street and McCarter Highway to the east) as “blighted areas” pursuant to P.L.1949, c.187 and/or as “areas in need of redevelopment” pursuant to the hereinafter-defined Redevelopment Law (such areas, as the same may have been or may hereafter be expanded from time to time, collectively, referred to as the “Redevelopment Area”); and
WHEREAS, the Redevelopment Area constitutes an “area in need of redevelopment” for purposes of the Local Redevelopment and Housing Law, constituting Chapter 79 of the Pamphlet Laws of 1992 of the State of New Jersey (the “State”), and th...
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