Title
ORDINANCE APPROVING THE EXECUTION OF A FINANCIAL AGREEMENT WITH 36-54 RECTOR URBAN RENEWAL LLC 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 $5,000,000 IN PROJECT COSTS, AND DETERMINING VARIOUS OTHER MATTERS IN CONNECTION THEREWITH.
Deferred 6PSF-e 022013/Public Hearing Open
Note: Public Hearing to be held on March 20, 2013
Deferred 6PSF-c 032013/Public Hearing Open
Deferred 6PSF-a 040313/Public Hearing Open
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ORDINANCE APPROVING THE EXECUTION OF A FINANCIAL AGREEMENT WITH 36-54 RECTOR URBAN RENEWAL LLC 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 $5,000,000 IN PROJECT COSTS, AND DETERMINING VARIOUS OTHER MATTERS IN CONNECTION THEREWITH.
WHEREAS, on June 15, 2005, the Municipal Council of the City of Newark (the “City”) adopted Resolution No. 7RDO (A.S.), designating the entire City as an area in need of rehabilitation (the “Rehabilitation Area”), for purposes of the Local Redevelopment and Housing Law, constituting Chapter 79 of the Pamphlet Laws of 1992 of 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, on September 3, 2008, the Municipal Council of the City adopted Ordinance No. 6S&FE, approving a redevelopment plan for a portion of the Rehabilitation Area encompassing, inter alia, the Parcel (as defined below), entitled “The Living Downtown Plan” dated May 23, 2008 (the “Original Redevelopment Plan”); and
WHEREAS, on June 30, 2010, the Municipal Council of the City adopted Ordinance No. 6PSA(S), approving an amendment to the Original ...
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