BARNABAS BAYONNE DEVELOPMENT URBAN RENEWAL CORPORATION

TO INITIATE AND CONDUCT PROJECTS FOR THE REDEVELOPMENT OF A REDEVELOPMENT AREA PURSUANT TO A REDEVELOPMENT PLAN, OR PROJECTS NECESSARY, USEFUL, OR CONVENIENT FOR THE RELOCATION OF RESIDENTS DISPLACED OR TO BE DISPLACED BY THE REDEVELOPMENT OF ALL OR PART OF ONE OR MORE REDEVELOPMENT AREAS, OR LOW AND MODERATE INCOME HOUSING PROJECTS, AND, WHEN AUTHORIZED BY FINANCIAL AGREEMENT WITH THE CITY OF BAYONNE, TO ACQUIRE, PLAN, DEVELOP, CONSTRUCT, ALTER, MAINTAIN OR OPERATE HOUSING, SENIOR CITIZEN HOUSING, BUSINESS, INDUSTRIAL, COMMERCIAL, ADMINISTRATIVE, COMMUNITY, HEALTH, RECREATIONAL, EDUCATIONAL OR WELFARE PROJECTS, OR ANY COMBINATION OF TWO OR MORE OF THESE TYPES OF IMPROVEMENT IN A SINGLE PROJECT, UNDER SUCH CONDITIONS AS TO USE, OWNERSHIP, MANAGEMENT AND CONTROL.