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AN ORDINANCE TO ACQUIRE ALL OR A PORTION OF 10-18 PASSAIC PLACE AND 930 MCCARTER HIGHWAY, BLOCK 1, LOTS 30 AND 46 FROM THE NEWARK HOUSING AUTHORITY FOR THE RIVERFRONT WALKWAY AND TO CONVEY THE REMAINING PORTIONS TO NEWARK WATERFRONT ASSOCIATES, LLC, 120 ALBANY STREET, NEW BRUNSWICK, NEW JERSEY 08901, FOR REDEVELOPMENT. (CENTRAL WARD)
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WHEREAS, on June 15, 2005, 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 the entire City of Newark as an area in need of rehabilitation; and
WHEREAS, on August 7, 2013, the Municipal Council of the City adopted Ordinance 6PSF-i approving the Newark's River: Public Access and Redevelopment Plan, which has been amended from time to time (the "Redevelopment Plan"); and
WHEREAS, the Newark Housing Authority (the "Authority") currently has an interest in all or a portion of 10-18 Passaic Place and 930 McCarter Highway, identified as Block 1, Lots 30 and 46 on the City of Newark Tax Maps, including adjacent rights of way (the "Property"); and
WHEREAS, the City requires a portion of the Properties located along the Passaic River in order to complete its riverfront walkway project (the "Riverfront Walkway") in accordance with the Redevelopment Plan; and
WHEREAS, the Authority has requested fair market value for the Property; and
WHEREAS, two appraisals have been performed to determine the fair market value for the Property attached hereto as Exhibits B and C; and
WHEREAS, the Authority and the City have agreed upon a purchase price for the Property in the amount of One Million Two Hundred Fifty Thousand Dollars and Zero Cents ($1,250,000.00) (the "Purchase Price"); and
WHEREAS, pursuant to Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq. and Local Lands and Buildings Law, N.J.S.A. 40A:12-1 et seq., the City is aut...
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