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AN ORDINANCE AUTHORIZING THE MAYOR, AND/OR HIS DESIGNEE, THE DEPUTY MAYOR/DIRECTOR OF THE DEPARTMENT OF ECONOMIC AND HOUSING DEVELOPMENT TO AUTHORIZE THE SALE AND TRANSFER OF THE CITY OF NEWARK PROPERTY IDENTIFIED ON THE CITY OF NEWARK TAX MAP AS BLOCK 3773, LOTS 15, 41, 43 and BLOCK 3773, LOT 53 TO VIRGINIA STREET FIDELCO, LLC FOR THE AMOUNT OF $13,810,000.00, LESS THE REMEDIATION AND DEMOLITION CREDIT, PURSUANT TO AN AMENDED AND RESTATED AGREEMENT FOR SALE AND REDEVELOPMENT OF LAND.
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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, in order to stimulate the reinvigoration of the entire City, by Resolution 7Rdo (A.S.) 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+FC adopted December 21, 2000, the Municipal Council adopted the "Frelinghuysen/McClellan Redevelopment Plan and the Feasibility of Relocation of City Tax Block 3773, Lots 15, 41, 43 & 53" (the "Redevelopment Plan");
WHEREAS, on or about July 3, 2008, the City entered into and executed a Redevelopment Agreement with McClellan Street Urban Renewal, LLC, which later assigned its rights in the Redevelopment Agreement to Virginia Street Fidelco, LLC ("Fidelco" or "Redeveloper") (the "Original Redevelopment Agreement") providing for the conveyance, remediation and redevelopment of certain City-owned real property known as 41-63 McClellan Street and 980-990 Frelinghuysen Rear (formerly referred to as 55 Virginia Street), Newark, New Jersey, designated as Block 3773, Lots 15, 41, 43 and 53, on the Tax Map of the City of Newark (hereinafter, collectively referred to as the "Property" or the "Site"), as ...
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