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AN ORDINANCE TO ACQUIRE 58 GREEN STREET, BLOCK 865, LOT 136 PURSUANT TO THE NEWARK DOWNTOWN CORE DISTRICT REDEVELOPMENT PLAN AND AMENDMENT TO THE NEWARK PLAZA URBAN RENEWAL PLAN AND TO CONVEY BLOCK 865, LOT 136, TO MULBERRY GREEN REALTY, LLC, UPON ACQUISITION BY THE CITY OF NEWARK, PURSUANT TO THE REDEVELOPMENT AGREEMENT WITH LAFAYETTE BROAD, 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 March 9, 2006, Mulberry Green Realty, LLC ("Mulberry Green") entered into an agency agreement with Lafayette Broad, LLC appointing Lafayette Broad, LLC as the agent for Mulberry Green Realty, LLC for the purpose of executing a redevelopment agreement with the Authority as the Redevelopment Entity for the Redevelopment Area ("Agency Agreement"); and
WHEREAS, after the execution of the Agency Agreement, the Authority entered into the redevelopment agreement with Lafayette Broad, LLC as agent for Mulberry Green Realty, LLC, which has been amended from time to time and was most recently amended on July 7, 2016 ("Redevelopment Agreement"); and
WHEREAS, pursuant to the Redevelopm...
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