1st Reading - Jersey City

Continuation of City Ordinance"-::.... \,iu. ..','page 2, ,, WHREAS, the Port Authority has been ùotified of tis proposed tranaction ánd in accordancewith the MOA, they have approved the conveyance of a deed of easement for the Properi, ûpon areimbursement of a portion of the $4,000,000 grant, based On the tbtà squae footage ofthe land of 'the land to be conveyed to JCB, LLC, which is estimated to be $29,200.00 plus interest in theamount of$4.19 per day. '1that:WHREAS,'JCB, LLC has ageed to 1) reimburse the sum of $29,200, plus interest to obtaiapproval; and pay the City the sum of$100,000.00., .NOW THEREFORE, BE IT ORDAINED by the Muncipal Council of the City of Jersey City1. The transfer of certn unmproved propert located in Block. 1600, Lot F, Block 1627. Lots7 & a and Blóck 1623, Lot S.l , consisting of approximately 10,000 squae feet and depicted on themap attched hereto as Exhbit A, for the siI of One-Hundred and Twenty-Nine Thousand, Two-Hundred Dollars ($129,200.00), to theJC BROADWAY, LLC("JCB") organzation With offcesat 400 Plaza Drive, Secaucus, NJ, pursuat to NJSA.40A: 12-13(a)(5)), is hereby approved. '2. Uponclosiùg andreceipt of the $129 ,2QO :OOsales proceeds, the City shall reim,burse the PortAuthority of New Yorklew Jersey$29,200.00pursuant to Resolution 09-290 and the MOA 'executed on April 24,2009 and each shall be amended accordingly to reflectthe subtraction ofthe10,000 square feet conveyed to JCB, LLC and the $21),200 refuded to the Port Authority of NewYork/ew Jersey.3. The Mayor, Business Administrator are hereby authorized to execute an agreement, deed andany other documents necessar or appropriate to effectuate the conveyance of the propert, sùbj'ect,to the terms stated above, all in accqrd with the withn Ordinance. 'A. All ordinances and pars of ordinances inconsistent herewith are hereby repealed.B. This ordinance shall be par of the Jersey City Code as though Godified and fully set forttherein. The City Clerk shall have this ordinance codified and inçorporated in the officialcopies ofthe Jersey City Code.C. This ordinance shal tae effect at the time and in the maner provided by law, but not beforethe Corporation Counel certifies that the agreement authorized,by separate Resolution has been fullyexecuted.D. The City Clerk and Corporation Counsel be and they are hereby authorized ánd directed tochange any chapter numers, arcle numbers and section numbers in the event that the codificationof ths ordinance reveals that there is a confict, between those numbers and the existing code,order to avoid corision and possible accidental repealers of existing provisions.'inNOTE:All new material is uiderlined. Words in (braekets) are omitted.For puroses of advertising only, new matter is indicàted by bold face and repealedmatter by italic.AV1/3/10==APPROVED AS TO LEGAL FORMCorpration CounselAPPROVED:APPROVED: (Certification Required 0Not Required 0