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ORDER OF THE BOARD OF ALDERS OF THE CITY OF NEW HAVEN APPROVING AN AMENDED AND RESTATED DEVELOPMENT AGREEMENT AND LAND DISPOSITION AGREEMENT BY AND BETWEEN THE CITY OF NEW HAVEN AND BEULAH LAND DEVELOPMENT CORPORATION, INC. FOR THE DEVELOPMENT OF 316 DIXWELL AVENUE AND 340 DIXWELL AVENUE AND 783 ORCHARD STREET
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WHEREAS, Beulah Land Development Corporation, Inc. (the “Developer”) previously executed and delivered to the City of New Haven (the “City”) a Land Disposition Agreement dated January 12, 2007 (the “LDA”) for the development of parcels of land designated as 340 Dixwell Avenue aka 328-350 Dixwell Avenue and 304 Munson Street aka 330-340 Dixwell Avenue, New Haven, which LDA is recorded in Volume 7847 at Page 169 of the New Haven Land Records; and
WHEREAS, pursuant to the LDA, the Developer was to rehabilitate said parcels of land which were to be used and maintained for commercial purposes, specifically as a pharmacy, but such developments have not taken place and said parcels of land have remained undeveloped; and
WHEREAS, the City and the Developer wish to enter into an Amended and Restated Development Agreement and Land Disposition Agreement in substantially the form attached hereto (the “Agreement”) providing for a reimagined redevelopment project involving a mix of market rate housing and affordable housing, as described in the Agreement (the “Project”) and including two additional parcels of land known as 316 Dixwell Avenue and 783 Orchard Street in order to increase the density of the Project; and
WHEREAS, the City is the current owner of 316 Dixwell Avenue (the “City Parcel”) which City Parcel shall be conveyed to the Developer pursuant to the terms and conditions of the Agreement; and
WHEREAS, in view of the provision of affordable housing, and pursuant to the Order of the Board of Alders concerning the Project dated [ ] the Agreement provides for the abatement of certain real estate taxes as well as a payment in lieu of taxes (PILOT), consistent with the terms and conditions of said Order.
NOW, THEREFORE, BE IT ORDERED that the Mayor of the City be and hereby is authorized to execute and deliver on behalf of the City the Agreement substantially in the form attached hereto (meaning that no “substantive amendments” may be made to the same without further approval by the Board of Alders, “substantive amendments” being as defined by the Board of Aldermen by resolution adopted April 30, 2002), and to execute and deliver a quit claim deed conveying the City Parcel to the Developer in consideration of the sum of $280,000.00 as set forth in the Agreement and to execute and deliver such other instruments and agreements as may be described in the Agreement or otherwise necessary or appropriate, from time to time, in order to implement and effect the intent and purposes of the Agreement and this Order (the “Ancillary Documents”) and that the City-Town Clerk of the City be and hereby is authorized to impress and attest the official seal of the City upon the Agreement, the Ancillary Documents (to the extent necessary) and this Order.