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14 -233 Date of Adoptio N(YadD r 1 3 , 2(714
RESOLUTION OF THE BOROUGH OF CARTERET, IN THE COUNTY
OF NHDDLESEX, DESIGNATING CONDITIONAL REDEVELOPER
FOR ROOSEVELT AVENUE REDEVELOPMENT AREA AND
AUTHORIZING INTERIM COSTS AGREEMENT
WHEREAS, the Borough Council (the "Borough Council ") of the Borough of Carteret (the'
"Borough ") previously adopted a resolution designating the properties identified as Block 302,
Lots 6 & 7 on the tax map of the Borough (the "Roosevelt Avenue Redevelopment Area ") as an
"area in need of redevelopment" under the Local Redevelopment and Housing Law, N.J.S.A..
40A:12A -1 et seq. (the "Redevelopment Law "); and
WHEREAS, the Borough Council previously adopted an- ordinance approving and adopting a
redevelopment plan for the Roosevelt Avenue Redevelopment Area, prepared by Beacon
Planning and Consulting Services, LLC (the "Roosevelt Avenue Redevelopment Plan "); and
WHEREAS, the Borough solicited proposals from prospective redevelopers to redevelop the
Roosevelt Avenue Redevelopment Area; and
WHEREAS, RVN Development, LLC and Lexington Edgewater, LLC (together, "RVN ")
jointly submitted a proposal to redevelop the Roosevelt Avenue Redevelopment Area; and
WHEREAS, the Borough Council has determined that RVN is capable of undertaking the
redevelopment of the Roosevelt Avenue Redevelopment Area; and
WHEREAS, the Borough wishes to engage in preliminary negotiations with RVN, or with any
corporate entity that RVN shall create and wholly own, in furtherance of entering into a formal
redevelopment agreement.
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. RVN, or with any corporate entity that RVN shall create and wholly own, is
hereby conditionally designated as the redeveloper of the Roosevelt Avenue
Redevelopment Area and has, at the sole and exclusive discretion of the Borough, the
option to enter into preliminary negotiations for a redevelopment agreement with the
Borough in connection with the Roosevelt Avenue Redevelopment Area.
Section 3. The within conditional designation is hereby made for a limited period of one
hundred eighty (180) days and is fiutber contingent upon RVN providing for any
additional project related information as may be requested by the Borough.
NO. 14-233_
PAGE —_
Section 4. The within designation is further contingent upon RVN agreeing to reimburse -
the Borough for any and all costs associated with the Borough's review of said additional
material and any efforts involved in designating RVN as the conditional redeveloper and
negotiating a formal redevelopment agreement between the Borough and RVN (or such
wholly owned corporate entity as it may create). Said costs shall include, but not be
limited to, the cost of any and all professional consultants retained by the Borough to
review said materials and/or assist the Borough in negotiations of a formal redevelopment
agreement.
Section 5. The Mayor is hereby authorized and directed to execute an Interim Costs
Agreement in a form to be approved by the Mayor, after consultation with counsel.
Section 6. This resolution shall take effect immediately.
Adopted this 13" day of November, 2014
and certified as a true copy of the
original on November 14, 2014.
KATHLEEN M. BARNEY, MMC
Municipal Clerk
ACCORD Or COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.B.
COUNCILMAN
YES
NO
NV
A.B.
PKIRU
X
KRU4
X
DIAZ
X
X
DIMASCIO
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X - indicate Vote AD-Absent NV - Not Voting
XOR - indicates Vote to Ove,mle Veto
Adopted at a meeting of me Municipal Council
`Nweri 13, 2M4
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