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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 SALE AND TRANSFER OF CITY PROPERTY, COMMONLY KNOWN AS 38-60 BLANCHARD STREET AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 5001, LOT 16, PURSUANT TO AN AGREEMENT FOR SALE AND REDEVELOPMENT OF LAND WITH 38-60 BLANCHARD, LLC.
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WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq., as amended and supplemented (the "Act"), authorizes municipalities to participate in the redevelopment and improvement of areas that are in need of redevelopment or rehabilitation; and
WHEREAS, by Ordinance 6S&Ff adopted on June 6, 2001, the Municipal Council (the "Municipal Council") of the City of Newark (the "City") then approved the East Ward Redevelopment Plan and Feasibility of Relocation for Various City-owned parcels throughout the East Ward, which provided for the facilitation of redevelopment of certain City-owned parcels in the East Ward for residential, commercial and industrial use West Ward and South Ward Redevelopment Plans, including any amendments thereto (the "Redevelopment Plan"); and
WHEREAS, in order to stimulate the reinvigoration of the City, by Resolution 7Rdo(AS) adopted by the Municipal Council on June 15, 2005, the entire City of Newark was designated as an area in need of rehabilitation pursuant to the Act; and
WHEREAS, by Ordinance 6S&Fe adopted on September 21, 2005, the Municipal Council adopted a First Amendment to the East Ward Redevelopment Plan, which amended the Redevelopment Plan to provide for the automatic inclusion of all City-owned parcels within the East Ward into the Redevelopment Plan; and
WHEREAS, said Redevelopment Plan complies with the requirements of all applicable State and Federal statutes and regulations promulgated thereunder; and
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