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ORDINANCE OF THE CITY OF NEWARK AUTHORIZING THE ACQUISITION BY PURCHASE OR CONDEMNATION OF 168-188 BLANCHARD STREET, NEWARK, NEW JERSEY, COMMONLY KNOWN AS BLOCK 5001, LOTS 48 AND 49, ON THE OFFICIAL TAX MAP AND TAX DUPLICATES OF THE CITY ("THE PROPERTY"), NOW OR FORMERLY OWNED BY B & B BLANCHARD, LLP, IN THE AMOUNT OF $1,500,000 OR AS MODIFIED; THE APPROVAL OF THE APPRAISAL OF THE PROPERTY PREPARED BY THE FIRM OF LASSER SUSSMAN ASSOCIATES; THE ACCEPTANCE OF THE DEPOSIT OF ACQUISITION FUNDS BY THE REDEVELOPER; AND AN AGREEMENT BETWEEN THE CITY AND REDEVELOPER GOVERNING THE RECEIPT AND EXPENDITURE OF SAID DEPOSITED FUNDS. (EAST WARD)
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WHEREAS, in accordance with N.J.S.A. 40A:12-5(a)(1) "any municipality, by ordinance, may provide for the acquisition of any real property, capital improvement, or personal property: (1) by purchase, gift, devise, lease, exchange, or condemnation;" and
WHEREAS, on December 17, 2008, by Resolution No. 7R3-D, the City of Newark ("City") Municipal Council authorized the Planning Board to undertake a preliminary investigation to determine whether Block 5001, Lots 93, 50, 50.01, 49, 48, 46, 42, and 40; and Block 2438, Lots 74, 76, 78, 82, 84, 85, and 92 (the "Blanchard Street Redevelopment Area") (Collectively referred to as the "Study Area") should remain designated as in need of redevelopment; and
WHEREAS, on May 2, 2011, the City's Central Planning Board adopted a resolution that recommended to the City's Municipal Council the Designation of the Study Area as an area in need of redevelopment pursuant to the Local Redevelopment and Housing Law ("LRHL"), N.J.S.A. 40A:12A-1 et seq.; and
WHEREAS, by Resolution No. 7R3-B, adopted on August 3, 2011, the City's Municipal Council determined that the Study Area qualified as an "area in need of redevelopment" under the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq.; and
WHEREAS, the Blanchard Street Redevelopment Area is subject to...
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