[Added 11-21-2023 by Ord. No. 3177-23]
The Township of Lyndhurst seeks to stimulate and encourage the development and growth of a varied mixture of appropriate economic activities within its boarders so as to increase available services; create additional employment; expand the municipal tax base; improve and upgrade unused or inappropriately used properties and to provide for greater financial and economic stability in the future for the Township and its citizens.
Aside from such general and specific promotional efforts as may be undertaken, the Township recognizes that there are various parcels of property located within its boundaries that may be suitable for development, redevelopment and rehabilitation in a manner contemplated by the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et. seq. ("LRHL").
The Board of Commissioners of the Township of Lyndhurst have determined that the issues and concerns relative to general economic development and encouragement and the development and redevelopment of areas which may be deemed to be in need of redevelopment pursuant to applicable statute, can best be achieved and resolved through the uniform and coordinated efforts and control of a single municipal agency established for such purposes.
In order to address such matters and undertake such efforts the Township of Lyndhurst desires to create a body corporate and public to be known as the Lyndhurst Redevelopment Agency (hereinafter "Agency") to serve as the primary municipal agency for the encouragement, promotion and coordination of appropriate economic activities and expansion within the Township and as the redevelopment entity which shall be responsible for the clearance, planning, development and redevelopment of such areas for the Redevelopment Plans presently existing or may hereafter be adopted pursuant to applicable statutes.
The Agency shall have such powers as are set forth herein and in accordance with the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et. seq. ("LRHL").
The Local Finance Board of and the Division of Local Governmental Services, within the Department of Community Affairs, State of New Jersey, has approved the creation of the Agency pursuant to N.J.S.A. 40A:5A-4.