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File #: 22-0471    Version: 1 Name: Ordinance: Candido Couto Land Exchange Amendment
Type: Ordinance Status: Adopted
File created: 3/23/2022 In control: Economic and Housing Development
On agenda: 10/5/2022 Final action: 11/2/2022
Title: AN ORDINANCE AUTHORIZING THE MAYOR OF THE CITY OF NEWARK AND/OR HIS DESIGNEE, THE DEPUTY MAYOR/DIRECTOR OF THE DEPARTMENT OF ECONOMIC AND HOUSING DEVELOPMENT TO ENTER INTO AND EXECUTE A FIRST AMENDMENT TO THE AGREEMENT FOR THE EXCHANGE OF LAND WITH CANDIDO COUTO, WHEREIN THE CITY OF NEWARK WILL ACQUIRE REAL PROPERTY LOCATED AT 56 PALM STREET, NEWARK NEW JERSEY 07106, KNOWN AS BLOCK 4199, LOT 104, OF THE OFFICIAL TAX ASSESSMENT MAP OF THE CITY OF NEWARK AND IN EXCHANGE, THE CITY OF NEWARK WILL CONVEY CITY-OWNED PROPERTY LOCATED AT 590 5TH STREET, NEWARK, NEW JERSEY, 07107, KNOWN AS BLOCK 597, LOT 21 (NORTH WARD), AS EVEN EXCHANGE.
Sponsors: Council of the Whole
Title
AN ORDINANCE AUTHORIZING THE MAYOR OF THE CITY OF NEWARK AND/OR HIS DESIGNEE, THE DEPUTY MAYOR/DIRECTOR OF THE DEPARTMENT OF ECONOMIC AND HOUSING DEVELOPMENT TO ENTER INTO AND EXECUTE A FIRST AMENDMENT TO THE AGREEMENT FOR THE EXCHANGE OF LAND WITH CANDIDO COUTO, WHEREIN THE CITY OF NEWARK WILL ACQUIRE REAL PROPERTY LOCATED AT 56 PALM STREET, NEWARK NEW JERSEY 07106, KNOWN AS BLOCK 4199, LOT 104, OF THE OFFICIAL TAX ASSESSMENT MAP OF THE CITY OF NEWARK AND IN EXCHANGE, THE CITY OF NEWARK WILL CONVEY CITY-OWNED PROPERTY LOCATED AT 590 5TH STREET, NEWARK, NEW JERSEY, 07107, KNOWN AS BLOCK 597, LOT 21 (NORTH WARD), AS EVEN EXCHANGE.

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WHEREAS, on April 19, 2017, the Municipal Council adopted Ordinance 6PSF-e (the "Original Ordinance"), authorizing the Mayor of the City of Newark and/or his designee, the Deputy Mayor/Director of the Department of Economic and Housing Development to enter into an Agreement to Exchange Land with Candido Couto ("Couto")("Original Agreement"), wherein the City of Newark (the "City") would acquire real property located at 56 Palm Street, Block 4199, Lot 104 (West Ward)("Couto Property") owned by Couto and the City would convey City owned property located at 697 N. 7th Street, Block 695, Lot 15 (North Ward)("City Property") to Couto as an even exchange ("Agreement"); and

WHEREAS, pursuant to N.J.S.A. 40A:12-5(a)(1), the City is authorized to exchange real property by Ordinance; and

WHEREAS, the Agreement to Exchange Land was fully executed on July 5, 2017; and

WHEREAS, pursuant to Article 2, Section 2.2(C) of the Agreement the City and Couto were entitled to a Due Diligence Period whereby it was discovered that the City Property contained a permanent easement and the exchange of title to the City Property and Couto Property was not completed; and

WHEREAS, the Municipal Council adopted Ordinance 6PSF-e on November 5, 2020, which authorized the City to transfer the City Property to Inves...

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