Title
ORDINANCE APPROVING THE EXECUTION OF AN AMENDMENT TO FINANCIAL AGREEMENT WITH NEWARK TEACHERS VILLAGE URBAN RENEWAL, L.L.C. AND ITS PARTIAL ASSIGNEE, RBH-TRB 905/909 BROAD MEZZ URBAN RENEWAL ENTITY, LLC, AND DETERMINING VARIOUS OTHER MATTERS IN CONNECTION THEREWITH.
Deferred 6PSF-e 070914
body
WHEREAS, on June 15, 2005, the Municipal Council of the City of Newark (the "City") adopted Resolution No. 7RDO (A.S.) 061505, 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 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, 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 Parcels (as defined below), entitled "The Living Downtown Plan" dated June 3, 2008 (the "Original Redevelopment Plan"); and
WHEREAS, on June 2, 2010, the Municipal Council of the City adopted Resolution No. 7R3-F(A.S.), designating various properties, including, inter alia, (i) Block 57, Lots 1, 3, 4, 5, 6, 8, 9, 12, 13, 14, 16, 18, 21, 23, 25, and 31, Block 58, Lots 1, 2, 4, 5, 6, 35, 36, 37, 38, 41, and 43, Block 93, Lot 24 (parking lot only, not building), Block 94, Lots 22, 24, 25, 26, and 27, and Block 95, Lots 4, 8, 9, 10, and 16, all on the then current official tax map of the City (collectively, the "Eligible Parcels") and (ii) Block 57 (now Block 57.05), Lots 27 and 29 on the current official tax map of the City (collectively, the "Additional Parcels"), as an area in need of redevelopment (the "Redevelopment Area") pursuant to the Redevelopment Law; and
WHEREAS, on June 30, 2010, the Municipal Council of the City adopted Ordinance No. 6PSFA (S) 063...
Click here for full text