Title
AN ORDINANCE DESIGNATING "INVEST NEWARK" ("IN") AS THE LAND BANK ENTITY FOR THE CITY OF NEWARK, NEW JERSEY, PURSUANT TO P.L. 2019, c. 159 AND ORDINANCE 6PSF-g, ADOPTED OCTOBER 16, 2019 AND AUTHORIZING A LAND BANK AGREEMENT.
Deferred 8-a 021920
Deferred 9-a (s) 022520
Deferred 6PSF-f 032420
body
WHEREAS, P.L. 2019, c.159 authorizes the City of Newark to establish a Land Bank and designate a single entity to achieve its goals; and
WHEREAS, the Municipal Council adopted Ordinance 6PSF-g adopted October 16, 2019, establishing a Land Bank in the City of Newark; and
WHEREAS, the Municipal Council declares that difficult economic conditions coupled with the continued high rate of foreclosures have significantly increased the number of vacant, abandoned, and other problem properties in the City of Newark; and
WHEREAS, the Municipal Council further declares that the continued presence and proliferation of these vacant, abandoned, and other problem properties in the City of Newark has a negative effect on the public health and welfare, reduces property values and municipal revenues, and impedes the economic development and revitalization of the City; and
WHEREAS, the Municipal Council further declares that presently, many vacant, abandoned and other problem properties, rather than being productively reused, remain vacant despite frequent changes in ownership, and continue to have a blighting effect on their surroundings; and
WHEREAS, designating a Land Bank entity will serve the public purpose of acquiring, managing, maintaining and repurposing vacant, foreclosed and abandoned properties in order to revitalize distressed communities; and
WHEREAS, "Invest Newark" is a New Jersey non-profit corporation which is the primary economic development catalyst for the City of Newark; and
WHEREAS, Invest Newark was organized to spur real estate development throughout the City's diverse neighborhoods and has done so for ...
Click here for full text