1st Reading - Jersey City

Continuation of City Ordinance 11-005, page 2ORDINANCE AUTHORIZING 1) THE SALE OF CERTAIN UNIMPROVED PROPERTYKNOWN AS BLOCK 1600, LOT F, BLOCK 1627, LOTS 7 AND 8, AND BLOCK 1623, LOTS,I,TO JC BROADWAY, LLC; AND 2) AN AMENDMENT TO THE GRATAGREEMENT WITH THE PORT AUTHORITY OFNEWYORKW JERSEY TO FUNTHE PJP/SIEGEL ACQUISITIONWHEREAS, the Port Authority has been notified ofthe proposed sale of the Easement Propert andhas approved the conveyarce on the coiidition that it is reimbursed the sum of$29,200 plus interestof$4.l9 a day commencing January 1,2011, through the date ofclosing, representing that portionof the $4,000,000 grant Jled by the City to purchase the Easement Propert; andWHEREAS, JCB, LLC haS agreed to pay the City the sum of $120,000 for the Eaement Propert,reimburse the City for any costs incured in connection with the sale of the Easement Propertincluding the $29,200, plus interest, needed to obtain the Port AuthorIty's approval; and assumecertn monitoring and environmental risks incured in connection with JCB's future use of theEasementthat:Propert.'NOW THEREFORE, BE IT ORDAINED by the Municipal Council ofthe City of Jersey CityI. The conveyance of a deed of easement across propent located in Block i 600, Lot F, Block1627, Lots 7 & 8 and Block 1623, Lot S.l , consisting of approximately 10,000 square feet anddepicted on the map attached hereto as Exhibit A, (Easement Propert) to'the JC Broadway, LLCPCB) , pursuat to NJSA. 40A:12-13(a)(5)), is hereby approved.2. On or before closing, JCB shall pay the City the sum of $120,000 and agree in writing toreimburse the City for any costs incured inconnection with the sale of the Easement PropertinCluding the $29,200"plus interest, needed to obtain the approval of the Port Authority of NewYoridNew Jersey; as well as assume certain monitoring and environmental risks incured ,inconnection with JCB's use of the Easement Propert.3. The City shall reimburse the Port Authority of New Yorklew Jersey and amendedthe grant agreement to remove the Easement Propert to be conveyed to JCB, LLC and reduce thegrant amount, by refuding the Port Authority in the amount of$29,200 plus interest of$4.19 perday, commencing Januar 1,2011 through thedate of closing with JCB.4. The Mayor is authorized to execute a Deed ofEaseInent in substantially the form attchedhere, subject to including the addition of a term for JCB to provide security to insure theirobligations thereunder, such modification as the business Administrator or Corporation Couneldeems appropriate or necessar. '5. The Mayor or Business Administrator is hereby authorized to execute any other agreement,or document necessar or appropriate to effectuate the puroses ofthe within OrClinance.A. All ordinances and pars of ordinances inconsistent herewith are hereby repealed.B. . This ordinan~e shall be part of the Jersey City Code as though codified and fully set forttherein. The City Clerk shall have ths ordinance codified and incorporated in the offcial copies of 'the Jersey City Code.,C. Ths ordinance shall tae effect at the time and in the maner provided by law, but not beforethe Corporation Counsel certifies that the ageement authorized by separate Resolution has been fullyexecuted.D. The City Clerk and Corporation Counsel be and they are hereby authorized and directed to