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AN ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, AUTHORIZING THE ACCEPTANCE OF THE NEW JERSEY DEPARTMENT OF TRANSPORTATION ("NJDOT") PARCELS LOCATED AT ROUTE 25, SECTION 34, PARCELS VXW13 AND VX28 (THE "NJDOT PROPERTY") FOR $1.00, TO BE USED FOR A PUBLIC PURPOSE AND EXECUTION OF THE EXCESS LAND REQUEST FOR THE ACQUISITION OF NJDOT PROPERTY FROM NJDOT.
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WHEREAS, in or about May 2002, the City of Newark (the "City") and BayBar Development, LLC, (the "Redeveloper") (collectively, the "Parties"), executed an Agreement for the Sale of Land and Redevelopment of 140-166 Raymond Boulevard (the "Redevelopment Agreement," a copy of which is attached hereto as Exhibit A), which was authorized by Resolution 7Ra(S) adopted by the Municipal Council on May 29, 2002, pursuant to the Bayonne Barrel Redevelopment Plan; and
WHEREAS, the Redevelopment Agreement provides for the conveyance, from the City to the Redeveloper, and the redevelopment of certain properties located at 140-166 Raymond Boulevard and commonly known as Block 5002, Lots 3, 5, 14 and 16 on the Official Tax Map of the City of Newark (collectively, referred to herein as the "City Property"); and
WHEREAS, the Redevelopment Agreement further provides for, inter alia, the City's acquisition of certain property from the New Jersey Department of Transportation (the "NJDOT") known as Parcels VXW13 and VX28 (collectively, referred to herein and in the Redevelopment Agreement as the "NJDOT Property") for Seventy Thousand Dollars and Zero Cents ($70,000.00) by Contract of Sale dated on or about May 11, 2005 (referred to herein as the "NJDOT Contract"), and the subsequent or simultaneous conveyance of the NJDOT Property by the City to the Redeveloper such that Redeveloper's Project would encompass both the Property and the NJDOT Property (to be utilized as an access road); and
WHEREAS, the Redevelopment Agreement required Redeveloper to directly pay ...
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