Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Settlement Agreement
Purpose: Authorizing the execution of a Settlement Agreement with Blossom Hill Urban Renewal Corp.
Entity Name: Blossom Hill Urban Renewal Corp.
Entity Address: 5 Manor Drive, Newark, New Jersey 07106
Amount: Not Applicable
Development Agreement Term: Not Applicable
City Contribution to Development Project: ( ) Grant or Loan ( ) Guarantee
(X) None ( ) Other
Developer Investment: Not Applicable
Developer Third-Party Financing
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Property:
(Address/Block/Lot/Ward)
489-599 Irvington Avenue/Block 4274/Lot 15/West Ward
Additional Information:
body
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, in order to stimulate the reinvigoration of the City of Newark (the "City"), by Resolution 7Rdo(AS) 061505 adopted on June 15, 2005, the entire City was designated as an area in need of rehabilitation pursuant to the Act; and
WHEREAS, on April 1, 1998, by way of Resolution 7RC, the City issued public action by sealed bid for the sale of the property commonly known as 489-599 Irvington Avenue and identified on the Official Tax Map of the City of Newark, as Block 4274, Lot 15 (the "Property") in the West Ward, for the sum of Seven Hundred Seventy-Five Thousand Dollars and Zero Cents ($775,000.00), which was duly published in the Star Ledger newspaper on April 4, 1998, and April 7, 1998, pursuant to the provi...
Click here for full text