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Home My Public Portal Aboutr 14-159P, %viltc iarc N " 14 -159 Date of Adoption A 7 2014 RESOLUTION OF THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY, AUTHORIZING THE EXECUTION OF CERTAIN AGREEMENTS IN CONNECTION WITH REDEVELOPMENT PROJECT WHEREAS, on April 10, 2014, the Borough Council of the Borough adopted a resolution designating the properties identified as Block 6501, Lots 1, 2 and 18, and Block 6502, Lots 1 -15 on the tax map of the Borough (the "Cooke Avenue Mixed -Use Redevelopment Area" ) as an area in need of redevelopment" under the Local Redevelopment and Housing Law, NIS.A. 40A:12A -1 et serf.; and WHEREAS, on May 15, 2014, the Borough Council adopted an ordinance approving and adopting a redevelopment plan for the Cooke Avenue Mixed -Use Redevelopment Area (the "Cooke Avenue Mixed - Use Redevelopment Plan"); and 'WHEREAS, on May 15, 2014, the Borough adopted a resolution conditionally designating Meridia Cosmopolitan, Carteret, LLC (the "Redeveloper" ) as the redeveloper of a portion of the Cooke Avenue Mixed -Use Redevelopment Area consisting of Ore properties identified as Block 6502, Lots 1 -15 (collectively, the "Project Area "), subject to the successfid negotiation of a redevelopment agreement; and WHEREAS, the Redeveloper proposes to redevelop the Project Area by constructing thereon a mixed -use project consisting of residential units, office /retail space and a restaurant (collectively, fire Project'); and WHEREAS, the Borough now desires to authorize the execution of a redevelopment agreement for the Project by and between the Borough and the Redeveloper in substantially the same form as that on file with the Borough Clerk (the "Redevelopment Agreement"); and WHEREAS, the Carteret Redevelopment Agency owns the portions of the Project Area identified as Block 6502, Lots 3, 4 & 7 -15 (collectively, the "Agency Parcels" ) and the Borough owns (or will soon own) the remaining properties in the Project Area; and WHEREAS, in order to allow for the construction of the Project, the Borough and the Agency will convey title to the Project Area to the Redeveloper; and WHEREAS, in order to facilitate that conveyance, the Agency will convey the Agency Parcels to the Borough for nominal consideration and the Borough will thereafter convey the Project Area, along with the right of the Redeveloper to construct the upper floors of the Project over certain No 14 -159 PAGE 2of2 rights -of -way surrounding the Project Area (such air rights and the Project Area to be known, together, as the "Property"), to the Redeveloper in accordance with terns set forth in a purchase and sale agreement (tile "Purchase and Sale Agreement'); and WHEREAS, the Borough further desires to authorize the execution of a Purchase and Sale Agreement for the Property by and between the Borough and the Redeveloper in substantially tire same form as that on file with the Borough Clerk. 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 Mayor is hereby authorized to take any and all actions, including the execution of the Redevelopment Agreement and the Purchase and Sale Agreement in substantially the same form as those on file with the Borough Clerk, with such additions, deletions or modifications as he may deem necessary, along with any and all other documents necessary to acquire the Agency Parcels from the Agency for nominal consideration and to convey the Property to the Redeveloper in accordance with the terns set forth in the Redevelopment Agreement and the Purchase and Sale Agreement. Section 3, Any officer, employee or agent of tire Borough is hereby authorized to attest to the execution of the Redevelopment Agreement and the Purchase and Sale Agreement. Section 4. This resolution shall take effect immediately. Adopted this 7" day of August, 2014 and certified as a true copy of the original on August 8, 2014. KATHLEEN M. BARNEY, Mi IC Municipal Clerk RECOAU OF COUNCIL VOTE COUNC[Cdie�A YPS NO NV d.B. COUNC L.ibtAN YrS NO NP A.L. _ M al l irn - 8R1P1 _ DTr�__. _. x CaFIIiS X H _ SEPP7 X — ' - -I ;( -"I", zVom An -Abeart i'IV - NoVOU,w XOR - h,di"I" V.O O"Urcrwlc Vn, Awned ,; muncq»lC "mal lust 7, 2014 I;