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Home My Public Portal Aboutr 07:320Pool ffoxr 07 -320 Date of Adontlon December 20 2007 RESOLUTION AMENDING RESOLUTION NO. 07 -233, FINALLY ADOPTED SEPTEMBER 6, 2007, ENTITLED "RESOLUTION AMENDING RESOLUTION NO. 07 -132, FINALLY ADOPTED APRIL 26, 2007, ENTITLED 'AUTHORIZING THE SALE OF 35 COOKE AVENUE (B 202; L 9, 10 AND 11) AND AUTHORIZING THE CARTERET REDEVELOPMENT AGENCY TO ADMINISTER THE SAME' TO REVISE MINIMUM BID PRICE SET FORTH THEREIN" TO REVISE PAYMENT TERMS OF PURCHASE PRICE THEREFOR WHEREAS, on April 26, 2007, the Borough of Carteret (the `Borough ") adopted resolution number 07 -132, entitled "Authorizing the Sale of 35 Cooke Avenue (B 202; L 9, 10 and 11) and Authorizing the Carteret Redevelopment Agency to Administer the Same" (the "April 2007 Resolution'); and WHEREAS, the April 2007 Resolution provided, among other things, that as part of the Borough's ongoing revitalization efforts, the Borough obtained title to the real property commonly known as Block 202, Lots 9, 10 and 11 on the Tax Map of the Borough (the 'Property"); and 'WHEREAS, the Borough determined in the April 2007 Resolution that the Property is not needed for public use and authorized, among other things, the public sale of the Property in accordance with the provisions of the Local Land and Buildings Law, N.I.S.A. 40A:12 -1 et seq.; and WHEREAS, the April 2007 Resolution provided that the minimum price for said sale shall be set at One Million Five Hundred Thousand Dollars ($1,500,000.00); and WHEREAS, the Borough requested that Beacon Planning and Consulting Services, LLC (`Beacon Planning") review the present market conditions to better on developer reactions to the offering of the Property at public sale and to better posifion the Property in the relevant market; and WHEREAS, Beacon Planning undertook such a review and memorialized its findings in a letter dated September 5, 2007; and WHEREAS, Beacon Planning's conclusion, after undertaking its review, is that the Borough should set a minimum price for the Property at One Million Two Hundred Fifty Thousand Dollars ($1,250,000.00); and WHEREAS, on September 6, 2007, the Borough adopted Resolution No. 07 -233, entitled "Resolution Amending Resolution No. 07 -132, Finally Adopted April 26, 2007, Entitled 'Authorizing the Sale of 35 Cooke Avenue (B 202; L 9, 10 and 11) and Authorizing the Carteret Redevelopment Agency to Administer the Same' to Revise Minimum Bid Price Set Forth Therein",- and NO. 07 -320 I'AOG 2 of 2 WHEREAS, the Borough now desires to amend Resolution No. 07 -233, Hardly adopted on September 6, 2007 to provide that the sale made be made for cash or upon credit and to set forth terms and conditions of such sale. NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of the Borough of Carteret, County of Middlesex, State of New Jersey, m follows: Paragraph 2 of the September 2007 Resolution is hereby amended and restated to provide as follows: "That the minimum price for said sale shall be set at One Million Two Hundred Fifty Thousand Dollars ($1,250,000.00) and the Borough further reserves the right to reject all bids received should the highest bid not be accepted. Payment may be made, at the bidder's option in either of the following two (2) ways: (a) by deposit of $125,000, to be submitted with the bid, and payment of the balance of the Purchase Price at closing; or (b) by deposit of $125,000, to be submitted with the bid, payment of $125,000 at closing, and payment of the balance within twelve months after closing. In the event the bidder opts for option (b) hereof, the Borough will take a purchase money mortgage (the "Mortgage") on the Property for the total purchase price for the Property, less $250,000 (constituting the deposit and closing payment). The Mortgage shall be for a term of one (1) year from the date of closing and interest shall accrue at the rate authorized under N.J.S.A. 31:1 -1 or seq., and the regulations issued pursuant thereto, or the rate last paid by the Borough upon any issue of bond anticipation notes pursuant to the Local Bond Law, N.J.S.A. 40A:2- 1 et seq., whichever is higher. In the event that the successful purchaser desires to extend the term of the Mortgage, it may do so for an additional year upon payment to the Borough of $25,000, due and payable prior to the expiration of the initial one (1) year period. The successful purchaser may extend the term of the Mortgage for an additional one (1) year period upon payment to the Borough of $35,000, due and payable prior to the expiration of the second one (1) year term. Moreover, in the event that the successful purchaser obtains a construction loan in connection with the Property, the balance of the Mortgage shall become due and payable within thirty (30) days after closing on such construction loan." 2. This resolution shall take effect immediately. Adopted this 20 day of December, 2007 and certified as a true copy of the original on December 21, 2007. KATHLEEN M. BARNEY, NIMC Municipal Clerk RECORD OF COUNCIL VOTE COUNCILMAN YES NO NV A.B. COUNCILMAN Y& A.B. BELLING X NAPLES X DIAZ X RIOS ! TNONV X KRUM X SITARZ X X - Indicate Vole AB - Absent NV - Not Voting XOR - Indicates Vote to Ove,mle Veto Adopted at a meeting of Municipal Council DECEMBER 20, 2007 / jv.. -... r d.._.- - ,- ^....., t a ^�rj JLGG�.0 -U-I.I .tAl AAF eA1.l AiJA.11l; AAA. llil.l..l.l; -1 .�.12.;Pl a)„ No. 07_497 Date of Adopfio 0 M O, 2007 RESOLUTION OF THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY AUTHORIZING AND DIRECTING THE BOROUGH PLANNING BOARD TO UNDERTAKE AN INVESTIGATION OF CERTAIN PROPERTIES LOCATED IN THE BOROUGH TO DETERMINE WHETHER SUCH PROPERTIES CONSTITUTE AN AREA IN NEED OF REDEVELOPMENT PURSUANT TO THE NEW JERSEY LOCAL REDEVELOPMENT AND HOUSING LAW AND, IF SO, AUTHORIZING AND DIRECTING THE PLANNING BOARD TO PREPARE A REDEVELOPMENT PLAN FOR SUCH PROPERTIES WHEREAS, the governing body of the Borough of Carteret (the "Borough") is interested in determining whether certain properties located within the Borough are in need of redevelopment pursuant to the New Jersey Local Redevelopment and Housing Law, N.J.S.A. 40A:12A -1 et seq. (the "Redevelopment Law "); and WHEREAS, the properties referred to above consist of the following: 35 Cooke Avenue, designated as Block 202, Lots 9, 10 and 11 on the Tax Map of the Borough (the "Tax Map "); 60 Cooke Avenue, designated as Block 192, Lot(s) 2 on the Tax Map; 64 Cooke Avenue, designated as Block 192, Lot(s) 3 on the Tax Map and 52 Cooke Avenue, designated as Block 192, Lot(s) I on the Tax Map; (collectively, the "Study Area "); and WHEREAS, N.J.S.A. 40A: 12A-6 requires the governing body of the Borough to authorize the Borough's Planning Board (the "Planning Board ") .to undertake a preliminary investigation and to conduct a public hearing(s) to determine whether the Study Area is in need of redevelopment pursuant to criteria set forth in the Redevelopment Law and, thereafter, to recommend that such area should or should not be determined by the governing body to be an area in need of redevelopment; and WHEREAS, in the event that the Borough ultimately designates the Study Area as an area in need of redevelopment, the Borough desires to authorize and direct the Planning Board, pursuant to N.J.S.A. 40A:12A -7f, to prepare a redevelopment plan for the Study Area, or for such portion of the Study Area as is so designated; and NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of the Borough of Carteret, County of Middlesex, State of New Jersey, as follows: 1. That the Planning Board is hereby authorized and directed to undertake a preliminary investigation and conduct a public hearing(s) to determine whether the Study Area is in need of redevelopment pursuant to the Redevelopment Law. 2. That the Planning Board, following said preliminary investigation and hearing(s), make a recommendation to the governing body of the Borough, pursuant to N.J.S.A. 40A:12A -6, as to whether the Study Area should or should not be determined by the governing body to be an area in need of redevelopment. PAGE 7 3. the event the Planning Board recommends that the governing body should determine that the Study Area be an area in need of redevelopment, and the governing body so determines, that the Planning Board is hereby authorized and directed to prepare a redevelopment plan for the Study Area, or for such portion of the Study Area as is determined to be in need of redevelopment, pursuant to N.7.S.A. 40A: 12A-7f 4. That this resolution shall take effect immediately. 5. That a copy of this Resolution be forwarded to the Planning Board for action consistent therewith. Adoptkd this 20th day of December, 2007 and Acerdfled as a true copy of the o llgin al on December 21, 2007. KATHLEEN M. BARNEY, Municipal Clerk RECORD OF COUNCIL VOTE COUNCII,htAN I YES NO NV A.B. COUNCILMAN YES NO NV A.B. X g DIAZ R Ill S R X X - Indicate Vote AB-Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto Adopted at a meeting of the Municipal Council Dece r 2007 O `i mbe 10wv -o <' n»o>o -a f a�./