Title
AN ORDINANCE AUTHORIZING THE EXECUTION OF A TRUST AGREEMENT BETWEEN THE CITY OF NEWARK AND INVEST NEWARK TO HOLD PROPERTIES IN TRUST ON BEHALF OF THE CITY OF NEWARK PURSUANT TO N.J.S.A. 40A:12A-74.
Deferred 6PSF-r 102110
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WHEREAS, N.J.S.A. 40A:12A-74, et. seq., the New Jersey Land Bank Law, authorizes the City of Newark (the "City") to establish a Land Bank to assist with the economic development and revitalization of the City; and
WHEREAS, on October 16, 2019, the Municipal Council adopted Ordinance 6PSF-g establishing a Land Bank in the City; and
WHEREAS, on April 7, 2020, Municipal Council designated "Invest Newark" as the Land Bank Entity for the City and authorized the execution of a Land Bank Agreement between the City and Invest Newark; and
WHEREAS, the New Jersey Land Bank Law and the Land Bank Agreement authorizes the Land Bank Entity to hold any property or properties in Trust on behalf of the City utilizing a Trust Agreement; and
WHEREAS, the Land Bank Agreement required that any property acquisition by Invest Newark must be held after a Public Auction is conducted by the City (the "Initial Acquisition"); and
WHEREAS, the City held a Public Auction on August 27, 2020, and all the properties available at the auction were sold by the City to the public; and
WHEREAS, the Land Bank Agreement specified that "additional property acquisitions may occur [to Invest Newark] from the City, subsequent to the Initial Acquisition;" and
WHEREAS, additional properties have been identified for acquisition to the Land Bank, which are identified in the Trust Agreement attached hereto as Schedule A; and
WHEREAS, the Land Bank Agreement and the Trust Agreement will govern the transfer and disposition of City-owned properties to the Land Bank Entity that will be held in Trust on behalf of the City.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL ...
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