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AN ORDINANCE AMENDING TITLE 41, ENTITLED THE "NEWARK ZONING AND LAND USE REGULATIONS" TO ESTABLISH A PROCEDURE FOR IMPLEMENTING ESCROW FEES TO DEFRAY COSTS FOR REDEVELOPMENT PROJECTS.
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WHEREAS, the "Newark Zoning and Land Use Regulations" of the City of Newark were recently amended to enhance planning, housing and economic development within the City of Newark; and
WHEREAS, the Administration and the Department of Economic and Housing Development have determined that it would further the interests of sustaining and promoting growth and development in the City of Newark if Title 41 was further amended to include a new Chapter entitled "Escrow Fees for Redevelopment Matters"; and
WHEREAS, N.J.S.A. 40A:12A-8(f) of Local Housing and Redevelopment Law allows for the municipality or designated redevelopment entity to "collect revenue from a redeveloper to defray the costs of the redevelopment entity"; and
WHEREAS, the City of Newark is the redevelopment entity; and
WHEREAS, it is the purpose of this proposed amendment to establish a process and procedure wherein potential redevelopers defray or cover the City's administrative expenses, costs of professionals, evaluations, negotiation and approval of agreements, and other costs associated with the implementation and administration of redevelopment projects (collectively "Redevelopment Project Costs and Expenses") with the City of Newark; and
WHEREAS, the Department of Economic and Housing Development proposes an amendment to Title 41, for the "Newark Zoning and Land Use Regulations" to insert a new Chapter entitled "Escrow Fees for Redevelopment Matters."
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
Section 1. Title 41 of the City of Newark General Code entitled "NEWARK ZONING AND LAND USE REGULATIONS" is hereby amended to include a new Chapter Entitled "Escrow Fees for Redevelopment Matters" which shall...
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