Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying ( x ) Authorizing ( x ) Amending
Type of Service: Redevelopment Agreement
Purpose: Authorize Execution of First Amendment of the Agreement for the Sale and Redevelopment of Land between the City of Newark and 760 Clinton Ave Shoho, LLC
Entity Name: 760 Clinton Ave Shoho, LLC
Entity Address: 1037 Route 46 East, Suite 101, Clifton, New Jersey 07013
Contract Amount: N/A
Funding Source:
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)
760-766 Clinton Avenue/Block 3042/Lot 1/Additional Lot 5/South Ward
Additional Information:
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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 "Redevelopment Law"), provides a process for municipalities to participate in the redevelopment and improvement of areas in need of redevelopment; and
WHEREAS, pursuant to N.J.S.A. ? 40A: 12A-8(f), the City of Newark (the "City") is authorized to arrange or contract with redevelopers for the planning, replanning, construction or undertaking of any redevelopment project; and
WHEREAS, pursuant to N.J.S.A. ? 40A:12A-8(g), the City may "convey property...without public bidding and at such prices and upon such terms as it deems reasonable"; 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 Redevelopment Law; and
WHEREAS, the Municipal Council thereafter adopted Ordinance 6S&Fd on August 17, 2005, adopting the "Third Amendment to the South Ward Redevelopment Plan and Feasibility of Re...
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