Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving Form of Sale of Redevelopment Area Non-Recourse Bonds
Amount to be Financed: $1,250,000.00
Source of Appropriation: Bonds
Purchaser: Prudential Insurance Company of America
Project Information:
RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE AND SALE OF REDEVELOPMENT AREA BONDS (155 WASHINGTON STREET URBAN RENEWAL, LLC PROJECT, SERIES 2020A) (FEDERALLY TAXABLE, NON-RECOURSE) OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, PROVIDING FOR THE FORM, MATURITIES AND OTHER DETAILS OF SAID BONDS; AUTHORIZING THE EXECUTION AND DELIVERY BY THE CITY OF A TRUST INDENTURE, A FIRST SUPPLEMENTAL INDENTURE, A PLEDGE AND ASSIGNMENT AGREEMENT AND SUCH OTHER DOCUMENTS AND INSTRUMENTS AS NECESSARY FOR THE ISSUANCE OF SAID BONDS.
Additional Information:
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WHEREAS, in accordance with the Local Redevelopment and Housing Law, constituting Chapter 79 of the Pamphlet Laws of 1992 of the State, and the acts amendatory thereof and supplemental thereto (the "Redevelopment Law", as codified by N.J.S.A. 40A:12A-1 et seq.), the City has declared certain properties in the City's downtown area, known as Block 66, Lots 12, 13, 38, 42, 43, 44, 45, 45-B01, 47, and 47-B01, located in the Central Ward, as an area in need of redevelopment in accordance with and pursuant to the Redevelopment Law, as designated by the City by Resolution 7R2-f adopted by the Municipal Council on August 8, 2018 (the "Property"); and
WHEREAS, in connection with the redevelopment of the Properties, the City has adopted the Living Downtown Redevelopment Plan by Ordinance 6S&Fg adopted by the Municipal Council on September 3, 2008 (as amended and as may be further amended from time to time, the "Redevelopment Plan"); and
WHEREAS, 155 Washington Street Urban Renewal, LLC (the "Entity") proposes to redevelop the Property by adaptively reusing the existing 220,000 squ...
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