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ORDINANCE TO DE-DESIGNATE THE HOUSING AUTHORITY OF THE CITY OF NEWARK AS THE REDEVELOPMENT ENTITY FOR BLOCK 161, LOT 1.02 IN THE NEWARK PLAZA URBAN RENEWAL REDEVELOPMENT AREA AND TO AUTHORIZE THE EXECUTION OF A REDEVELOPMENT AGREEMENT WITH BORAIE DEVELOPMENT, LLC.
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WHEREAS, on July 14, 2004, the City of Newark ("City") utilized the powers of Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq. to designate land within the Downtown Newark area as an "area in need of redevelopment," commonly known as the Newark Downtown Core District Redevelopment Area ("Redevelopment Area"); and
WHEREAS, on October 6, 2004, the Municipal Council adopted Ordinance 6S&Ff adopting the Newark Downtown Core District Redevelopment Plan and Amendment to the Newark Plaza Urban Renewal Plan ("Plan"), which has been amended from time to time; and
WHEREAS, on October 6, 2004, the Municipal Council adopted Resolution 7Rbc appointing the Housing Authority of the City of Newark ("Authority") as the City's Redevelopment Entity for the purpose of implementing the Plan on behalf of the City in accordance with N.J.S.A. 40A:12A-4(c); and
WHEREAS, on or about August 5, 2010, the Authority entered into a Redevelopment Agreement with Boraie Development, LLC, or its related entities, such as Newark Urban Renewal Company, LLC ("Redevelopment Agreement"), to implement a portion of the Newark Plaza Urban Renewal Redevelopment Plan concerning Block 161, Lot 1.02; and
WHEREAS, on September 2, 2015, the Municipal Council the adopted Ordinance 6PSF-b authorizing the Fourth Amendment to the Newark Downtown Core District Redevelopment Plan and Amendment to the Newark Plaza Urban Renewal Plan; and
WHEREAS, on Ordinance 6PSF-b adopted on September 2, 2015, the Municipal Council also authorized the de-designation of the Housing Authority as Redevelopment Entity for the Newark Downtown Core District Redev...
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