HomeMy Public PortalAboutr 10-285of 14C Pnrailg4 of Qlartmt, � �,
No. 10 Date of Adoption der 20 ,
RESOLUTION OF THE BOROUGH OF CARTERET, IN THE COUNTY
OF MIDDLESEX, NEW JERSEY AUTHORIZING THE
IMPLEMENTATION OF RECOVERY ZONE FACILITY BOND
ALLOCATION
WHEREAS, on February 18, 2010, the Board of Chosen Freeholders (the "Board ") of
the County of Middlesex (the "County ") adopted a resolution designating the Borough of
Carteret (the `Borough ") as a coveted "Recovery Zone" pursuant to the American Recovery and
Reinvestment Act of 2009 ( "ARRA ") for the purpose of allowing the Borough to issue Recovery
Zone Facility Bonds ( "RZFBs "), as that term is defined in Section 1400U -1 and 140OU -3 of the
Internal Revenue Code of 1936, as amended (the "Code ") to advance redevelopment efforts
within the Borough; and
WHEREAS, on June 3, 2010, the Board adopted a resolution allocating $11,000,000 of
the County's allocation of RZFBs to the Borough for various projects which meet the criteria of
Section_ 140OU -1 and 140OU -3 of the Code and Notice 2009 -50 (tire "Guidance ") (the "RZFB
Allocation "); and
WHEREAS, the Carteret Redevelopment Agency ( "CARA ") was created pursuant to the
Local Redevelopment and Housing Law, N.J.S.A. 40A:12A -1 el seq. (the "Redevelopment
Law ") and exists for the purpose of furthering redevelopment goals and policies of the Borough;
and
WHEREAS, the Borough desires to authorize CARA to utilize and implement the RZFB
Allocation on behalf of the Borough as set forth herein to stimulate economic development for
the advancement of redevelopment projects within the Borough that meet the required criteria.
NOW, 'THEREFORE, BE AND IT IS HEREBY RESOLVED by the Mayor and
Council of Borough of Carteret, in the County of Middlesex and the State of New Jersey, as
follows:
Section 1. The aforementioned recitals are incorporated herein as though fully set
forth at length.
Section 2. The Borough hereby authorizes CARA to utilize and implement the RZFB
Allocation, including through the issuance of RZFBs and delegates to the Executive Director
thereof the authority to determine .which project or projects shall be eligible for financing, so
long as such projects meet the criteria of Section 140OU -1 and 140OU -3 of the Code and the
Guidance, the Executive Director's determination to be evidenced by the execution of a
Certificate(s) identifying such projects contemporaneously with the issuance of RZFBs for the
purposes set forth herein.
Section 3. Upon the adoption hereof, the Borough Clerk is directed to forward a
certified copy of this resolution to the Executive Director of the Carteret Redevelopment Agency
and Special Redevelopment Counsel, Kevin P. NlcNlanimon, Esq., hlcvlaninron & Scotland,
L.L.C. 1037 Raymond Boulevard, Suite 400, Newark, New Jersey 01702.
Adopted this 20th day of Decadxr , 2010
" certified as a true copy of the
original on .r 21, 2010.
RECORD
COUNCILMAN
YES
NO
NY
A.B.
COUNCILMAN
YES
NO
NV
A.B.
BRID0
X
DIAZ
_
DDASU0
X
SIDW
X - Indicate Vote AB - Absent NV - Not Voting
XOR- Indicates Vote to Overrule Veto
Adopted at a meeting of the Municipal Council
DeC T e r /g2D, 22010
CLERK
KIM