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ORDER OF THE BOARD OF ALDERS OF THE CITY OF NEW HAVEN APPROVING THE EXECUTION AND DELIVERY OF A PROPOSED DEVELOPMENT AND LAND DISPOSITION AGREEMENT BETWEEN THE CITY OF NEW HAVEN AND ART CT 770 LAND, LLC, PROVIDING FOR THE CONVEYANCE OF REUSE PARCEL 'A' IN THE RIVER STREET MUNICIPAL DEVELOPMENT PROJECT AREA, BEING KNOWN AS 112 CHAPEL STREET, IN ACCORDANCE THEREWITH AND RESOLUTION AUTHORIZING THE ACCEPTANCE OF ADDITIONAL GRANT FUNDS FROM THE CONNECTICUT DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT FOR REMEDIATION OF SAID REUSE PARCEL "A"
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WHEREAS, the Board of Aldermen on January 7, 2002, acting pursuant to the provisions of Chapter 132 of the Connecticut General Statutes, as amended, adopted the River Street Municipal Development Project Plan (the "River Street MDP") and,
WHEREAS, Art CT 770 Land, LLC (the "Buyer"), has submitted a proposal for the purchase of Reuse Parcel 'A' (also known as 112 Chapel Street, New Haven, Connecticut, consisting of approximately 0.6 acres, more or less) situated within the River Street MDP area (the "Property") at a price of One Hundred Thousand Dollars and Zero Cents ($100,000.00), and for the proposed redevelopment of the Property in accordance with the Buyer's proposal and the River Street MDP and,
WHEREAS, the Buyer proposes the construction of a 20,000-square-foot industrial building on its adjacent property located at 128 Chapel Street (the "Adjacent Property") to expand its existing operation at 166 Chapel Street (the "Project") and,
WHEREAS, the Project will generate significant new jobs and property taxes and revitalize a portion of the River Street MDP area and,
WHEREAS, the New Haven Development Commission has determined that the Buyer's proposal for the purchase of the Property is consistent with the purposes of the River Street MDP and has approved the sale of the Property by the City of New Haven (the "City") to the Buyer for development in accordance with said Buyer's proposal, as more particular...
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