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Home My Public Portal AboutOrd. 10-016mxb"T U ri0 -16 of 141� AN ORDINANCE OF THE BOROUGH OF CARTERET AUTHORIZING THE EXECUTION AND DELIVERY OF A FINANCIAL AGREEMENT BY AND BETWEEN THE BOROUGH OF CARTERET AND KINDER MORGAN URBAN RENEWAL,LLC R=REAS, the Borough Council has adopted an ordinance approving and adopting the Kinder Morgan Redevelopment Plan (the "Redevelopment Plan") in accordance with the Local Redevelopment and Housing Law, MLS.A. 40A:12A -1 et seq., as amended and supplemented (the `Redevelopment Law"), and YVHEREAS, the Redevelopment Plan relates to certain properties within the Borough, specifically Block 9.03, Lots 14.02, 17.04, 13.02 and 13.03 and Block 10, Lot 3.03, or such other Block and Lot designation on the tax map of the Borough reflecting the parcel immediately abutting, in the northwestern d both Lots 17.04 and 18.02 within Block 9.03 (collectively the `Redevelopment Area "); and WHEREAS, on March 11, 2010, the Borough and KM Carteret Development, LLC (the "Redeveloper") entered in that certain agreement (the "Redevelopment Agreement') govemmg the redevelopment of the Redevelopment Area; and WHEREAS, in accordance with the Redevelopment Agreement, the Redeveloper shall ground lease the Redevelopment Area to Kinder Morgan Urban Renewal, LLC (the `Redeveloper Urban Renewal EntiW'); and WHEREAS, as provided for under the Redevelopment Agreement, the Borough and the Redeveloper "Urban Renewal Entity desire to enter into a Financial Agreement as authorized bylaw. NOW, THEREFORE, BE IT ORDAIiNED AND ENACTED by the Borough Council of the Borough of Carteret, County of Middlesex, New Jersey, as follows: Section 1. The Application submitted for the Financial Agreement is hereby accepted and approved. Section 2. The Financial Agreement is hereby authorized to be executed and delivered on behalf of the Borough by either the Mayor, the Chief Financial Officer or the Director of Law in substantially the provided form, with such changes as the Mayor, Chief Financial Officer and/or Director of Law (each an "Authorized Officer "), in their respective sole discretion, after consultation with such counsel and any advisors to the Borough (collectively, the "Borough Consultants "), shall determine, such determination to be conclusively evidenced by the execution of the Financial Agreement by an Authorized Officer as determined hereunder. The Borough Clerk is hereby authorized and d to attest to the NG ,1016 PAGE 2 of 2 execution of the Financial Agreement by an Authorized Officer of the Borough as detemrined hereunder and to affix the corporate seal of the Borough to the Financial Agreement. Section 3. The Authorized Officers of the Borough are hereby further severally authorized and directed to (i) execute and deliver, and the Borough Clerk is hereby further authorized and directed to attest to such execution and to affix the corporate seal of the Borough to, any document, instrument or certificate deemed necessary, desirable or convenient by the Authorized Officers or the Borough Clerk, as applicable, in their respective sole discretion, after consultation with the Borough Consultants, to be executed in connection with the execution and delivery of the Financial Agreement and the consummation of the transactions contemplated thereby, which determination shall be conclusively evidenced by the execution of each such certificate or other document by the parry authorized hereunder to execute such certificate or other document, and (ii) perform such other actions as the Authorized Officers deem necessary, desirable or convenient in relation to the execution and delivery thereof. Section d. This ordinance shall take effect upon final passage and publication as required by law. DO NOT USE SPACE BELOW THIS LINE RECORD OF COUNCIL VOTE COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO NV I A.B. BELLINO KRUM X DIAZ NAPLES DIMASCIO SITARZ X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto Adopted on first reading of the Council of the Borough of Carteret, N.J., Adopted on second reading after hearing on lh".4t1 2D on December 20 2, 2010 APPROVED BY ON IflijIm "T C ,, - .._ 7 \I UNICIPAL CLERK ORDINArdGE #10 -16 AN ORDINANCE OF THE BOROUGH OF CARTERET AUTHORIZING THE EXECUTION AND DELIVERY OF A FINANCIAL AGREEMENT BY AND BETWEEN THE BOROUGH OF CARTERET AND KINDER MORGAN URBAN RENEWAL,LLC The foregoing ordinance was Introduced at a meeting of the Council of the Borough of Carteret held December 2, 2010 when It was adopted on first reading. The said ordinance will be further considered on second reading for final adoption at a meeting of said Council of the Borough of Carteret on December 20, 2010 at approximately 6:00 p.M., Borough Hall /Council Chambers, 61 Cooke Avenue, Carteret, New Jersey at which time and place all persons interested will be given an opportunity to be heard. PURL I SH: Friday, 12 -10-10 The Nevis Tribune 11 KATHLEEN M. BARNEY, Municipal Clerk AFFIDAVIT OF PUBLICATION The following is a true copy of an Ordinance or Resolution of the Borough of Carteret that has appeared in the Home News Tribune, a newspaper which is printed in Freehold, New Jersey and published in Neptune, in said County and State and of general circulation in said county. One 1 time(s), once in each issue as follows: December 10, 2010 Notary Public of New Jersey LINDA A RIVERA NOTARY PUBLIC OF NEW JERSEY MY COMMISSION EXPIRES MAY 2, 2011 Sworn and subscribed before me this /:3.,C da y Qf i a of n, Kathleen M. Barney, MMC Municipal Clerk / BOROLGHOFURTERET ORDINANCE 810.16 f t ORDINANCE 810.16 AFFIDAVIT OF PUBLICATION The following is a true copy of an Ordinance or Resolution of the Borough of Carteret that has appeared in the Home News Tribune, a newspaper which is printed in Freehold, New Jersey and published in Neptune, in said County and State and of general circulation in said county. One 1 time(s), once in each issue as follows: December 24, 2010 Notary Public of New Jersey LINDA A RIVERA NOTARY PUBLIC OF NEW JERSEY MY COMMISSION EXPIRES MAY 2, 2011 Sworn and subscribed before me this) _ day Ida hleen M. Baruey, INIMC Municipal Cleric 77) BOROUGH OFCARTEAET