HomeMy Public PortalAboutOrd. 14-02No. ' 1,4 -2 .0f 14e
Poai 4 laf Tarterel, ( N- J,
ORDINANCE OF THE BOROUGH OF CARTERET, COUNTY OF
MIDDLESEX, NEW JERSEY APPROVING APPLICATION FOR
FINANCIAL AGREEMENT
WHEREAS, 50 Bryla LLC (the "Redeveloper ") is the owner of property known as
Block 2705, Lot 4 (formerly Block 49.2, Lot 2) (the "Project Area'), which is located in an area
previously designated as an area in need of redevelopment; and
WHEREAS, the Borough and the Redeveloper entered into that certain Redevelopment
Agreement, dated November 22, 2013 (the "Redevelopment Agreeme r), pursuant to which,
among other things, the Redeveloper agreed to redevelop the Project Area by constructing
thereon a project consisting of an approximately 460,000 square foot warehouse (the "Project');
and
WHEREAS, the Redeveloper subsequently converted to 50 Bryla Urban Renewal, LLC
(the "Entity") under the provisions of N.J.S.A. 40A:20 -I et seq. (the "Act"); and
WHEREAS, the Entity submitted to the Mayor of the Borough (the ':bfaycr") an
application (the "Application'), which is on file with the Borough Clerk, to make payments to
the Borough in Neu of taxes in connection with the Project; and
WHEREAS, the Entity also submitted to the Mayor a form of financial agreement (the
"Financial Agreement"), a copy of which is attached as Exhibit 19 to the Application,
establishing the rights, responsibilities and obligations of the Entity; and
WHEREAS, the Mayor submitted the Application and Financial Agreement to the
Borough Council with his recommendation for approval, a copy of which recommendation is on
file with the Borough Clerk; and
WHEREAS, the Borough Council bas. determined that the Project represents an
undertaking permitted by the Act.
NOW, THEREFORE, BE IT ORDAINED BY THE BOROUGH COUNCH, OF
THE BOROUGH OF CARTERET, NEW JERSEY AS FOLLOWS:
Section 1 . The Application and Financial Agreement are hereby approved.
Section 2 . The Mayor is hereby authorized to execute the Financial Agreement
substantially in the form attached as Exhibit 19 to the Application, subject to minor modification
or revision, as deemed necessary and appropriate after consultation with counsel.
Section 3 . The Clerk of the Borough is hereby authorized and directed, upon
execution of the Financial Agreement by the Mayor, to attest to the signature of the Mayor and to
affix the corporate seal of the Borough upo rsuch document.
Section 4 . V any part(s) of this ordinance shall be deemed invalid, such part(s) shall
be severed and the invalidity thereby shall not affect the remaining parts of this ordinance.
Sec 5 . This ordinance shall take effect in accordance with applicable law.
RECORD OF COUNCIL VOTE
D1 &m X I I 1 11 &HW IX I
I L -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.1., on _ Ja1xmT 5,.2M4
Adopted on second o; j 1diggafter hearigg on JarlLkffY 4 2M 4
APPROVED
AFFIDAVIT OF PUBLICATION
The following is a true copy of an Ordinance or Resolution of
the Borough of Carteret that has appeared in the Star Ledger,
a newspaper which is printed in Newark, New Jersey and
published in Essex County, of general circulation in said
county and state. One (1) time(s) once in each issue as follows:
January 9, 2014
Notary Pub �i�Q f N Jersey ERA M. Barney, M
UUA HA
LL Municipal Clerk
NOTARY PUBLIC OF NEW JERSEY
MY COMMISSION EXPIRES MAY 2, 2016
Sworn and Subscribed before
Me this 7 day of ; wy8 , / V-.
AFFIDAVIT OF PUBLICATION
The following is a true copy of an Ordinance or Resolution of
the Borough of Carteret that has appeared in the Star Ledger,
a newspaper which is printed in Newark, New Jersey and
published in Essex County, of general circulation in said ,
2014county and state. One (1) time(s) once in each issue as
follows:
January 30, 2014
eNotary Public I `hyppy Kathleen Mrney, M
If-
NOTARY PUBLIC Of NE►N JERSEY Municipal Clerk
MY COMMISSION E;A IRES MAY 2, 2016
Sworn and Subscribed before
Me this :3> day of; - °` e „� c, ` `�