HomeMy Public PortalAboutr 14-224Pool tion -of the jgvrim�h Jaf Clarxu d, �, T,
No. 14- 2.24. Date of Adoptio 13i mripr h 2M4
RESOLUTION OF THE BOROUGH OF CARTERET, IN THE COUNTY
OF MIDDLESEX DESIGNATING HC REDEVELOPMENT, LLC AS THE
CONDITIONAL REDEVELOPER OF A PORTION OF THE FEDERAL
BOULEVARD REDEVELOPMENT AREA, PHASE I
WHEREAS, the Borough Council (the "Borough Council ") of the Borough of Carteret
(the "Borough ") designated the properties formerly known as Block 49.01, Lots 4, 9 and 11,
Block 49.02, Lot 2, Block 64.01, Lots 1, 2, 3, 4.01, 4.04, 5, 6.01, 6.02, 7 and 8, and Block 64.02,
Lots 2.01, 2.02 on the Borough's tax maps (collectively, the "Federal Boulevard Redevelopment
Area, Phase I ") as an area in need of redevelopment under the New Jersey Local Redevelopment
and Housing Law, N.J.S.A. 40A:12A -1 et seq. (the "Redevelopment Law'); and
WHEREAS, the Borough Council adopted a redevelopment plan for the Federal
Boulevard Redevelopment Area, Phase I; and
WHEREAS, the Borough previously designated HC Redevelopment, LLC ("110% an
affiliate of Hampshire Real Estate Companies, as the redeveloper of a portion of the Federal
Boulevard Redevelopment Area, Phase I consisting of Block 2802, Lot 2 (formerly Block 64.01,
Lots 2 & 5) (the "Initial Project Site "); and
WHEREAS, on Jane 20, 2014, the Borough and HC entered into that certain Interim
Costs Agreement (the "Interim Costs Agreement "), pursuant to which HC established an escrow
fund with the Borough to provide for the payment of the Borough's professional fees, costs and
expenses related to the designation of HC as the conditional redeveloper of the Initial Project
Site and to the negotiation and execution of a redevelopment agreement ( "Interim Costs "); and
WHEREAS, HC also desires to redevelop the parcels identified on the Borough's tax
maps as Block 2802, Lots 4, 5, 6, 7, 8 & 9 (formerly Block 64.01, Lots 4.01, 4.03, 4.04, 6.01 &
6.02) (the "Additional Project Site "), which parcels are directly adjacent to the Initial Project
Site; and
WHEREAS, HC already owns Block 2802, Lots 5 & 6, and the Mayor and Council have
determined that HC is capable of undertaking the redevelopment of the Additional Project Site;
and
WHEREAS, the Borough wishes to engage in preliminary negotiations with HC in
furtherance of entering into a formal redevelopment agreement with respect to the Additional
Project Site.
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. HC, with offices at 22 Maple Avenue, Morristown, New Jersey 07960, is
hereby conditionally designated as the redeveloper of the Additional Project Site and has, at the
sole and exclusive discretion of the Borough, the option to enter' ato preliminary negotiations for
a redevelopment agreement with the Borough in connection with the Additional Project
Site.
Section 2. The within designation, and the designation of HC as the redeveloper for
the Initial Project Site, is hereby made for alimited period of time, expiring on March 31, 2015,
unless the Borough and HC execute a redevelopment agreement prior to that date, and is further
contingent upon HC providing any additional project related information as may be requested by
the Borough.
NO , 14 -224
PAGE 2
Section 3. The within designation is further contingent upon (i) HC agreeing to
reimburse the Borough for any and all Interim Costs with respect to the Additional Project Site,
and (ii) negotiating a formal redevelopment agreement between the Borough and HC in
connection with the Additional Project Site.
Section 4. The Mayor is hereby authorized and directed to execute any amendment to
the Interim Costs Agreement deemed necessary to incorporate the Additional Project Site
therein.
Section 5. This resolution shall take effect immediately.
Adapted this 6th day of Nwe ber, 2014
aId certified as a true copy of tte
origiml GO DbvEnber 7, 2014.
KAII�aVIlV M. awlu, WC
M-nicipal Clerk
RECORD OR COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.B.
COUNCILMAN
YES
NO
NV
A.R.
BE11 IIM
X
DW
X
X
x
X - Indicate Veto AB - Absent NV - Not Voting
XOR - lndw.irs `rate to Overmlc Velo
Adopted at a meeting of the Municipal Council
LEK C