AN ORDINANCE (1) AMENDING ORDINANCE 6PSF-E, ADOPTED ON AUGUST 19, 2020; (2) AUTHORIZING THE EXECUTION OF AN AMENDED AND RESTATED FINANCIAL AGREEMENT BY AND BETWEEN THE CITY OF NEWARK AND 41 19TH AVENUE URBAN RENEWAL, LLC, 61 DEANS LANE, MONMOUTH JUNCTION, NEW JERSEY 08852, IN CONNECTION WITH THE CONSTRUCTION OF EIGHTEEN (18) MARKET RATE RESIDENTIAL UNITS ON THAT PORTION OF THE PROPERTY IDENTIFIED AS BLOCK 364, LOT 1.04 ON THE CITY’S OFFICIAL TAX MAP AND HAVING THE FOLLOWING STREET ADDRESS 712-722 SOUTH 17TH STREET, WHICH IS A PORTION OF THE ORIGINAL REDEVELOPMENT PROJECT CONSISTING OF THE CONSTRUCTION OF SIXTY (60) MARKET RATE RESIDENTIAL UNITS ON PROPERTY LOCATED AT 704-708 SOUTH 17TH STREET, 701-707 SOUTH 16TH STREET, 709-717 SOUTH 16TH STREET, AND 712-722 SOUTH 17TH STREET AND IDENTIFIED AS BLOCK 364, LOTS 1.01, 1.02, 1.03, AND 1.04 ON THE CITY’S OFFICIAL TAX MAP.; AND (3) CONSENTING TO THE ASSIGNMENT OF A PORTION OF THE AFOREMENTIONED REDEVELOPMENT PROJECT CONSISTING OF FORTY-TWO (42) MARKET RATE RESIDENTIAL UNITS AND CERTAIN PROPERTY WHICH THEY ARE SITUATED UPON LOCATED AT 704-708 SOUTH 17TH STREET, 701-707 SOUTH 16TH STREET, 709-717 SOUTH AND IDENTIFIED AS BLOCK 364, LOTS 1.01, 1.02, AND 1.03 ON THE CITY’S OFFICIAL TAX MAP, FROM 41 19TH AVENUE URBAN RENEWAL, LLC TO RISE REO URBAN RENEWAL, LLC, 61 DEANS LANE, MONMOUTH JUNCTION, NEW JERSEY 08852

Ordinance Adopted Introduced January 17, 2025

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