HomeMy Public PortalAboutOrd. 14-301WrbinUlIce
No. :'14730 laf 14e
Aarough of &z•In , 3"- J,
ORDINANCE OF THE BOROUGH OF CARTERET, COUNTY OF
MIDDLESEX, NEW JERSEY APPROVING APPLICATION
FOR FINANCIAL AGREEMENT
WHEREAS, Meridia, Cosmopolitan Urban Renewal, Carteret, LLC (the "Entity'; aka
the "Applicant ") is the contract - purchaser of property known as Block 6502, Lots 1 — 15
inclusive (collectively, the "Project Area "), which is located in an area previously'
designated as an area in need of redevelopment; and
WHEREAS, the Borough and the Entity entered into that certain Redevelopment
Agreement, dated November 24, 2014 (the "Redevelopment Agreement'), pursuant to
which the Entity agreed to redevelop the Project Area by constructing thereon a project
consisting of 261 Class A apartments, approximately 4,200 square feet of office /retail
space and an approximately 8,000 square foot restaurant (including first floor and an
roof -top terrace space); and
WHEREAS, the Entity submitted to the Mayor of the Borough (the "Mayor ") an
application (the "Application "), which is on file with the Borough Clerk, to make
payments to the Borough in lieu of tares 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 has determined that the Project represents an
undertaking permitted by N.LS.A. 40A:20 -1 et seq.
NOW, THEREFORE, BE IT ORDAINED BY THE BOROUGH COUNCIL 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 Mavor and to affix the corporate seal of the Borough upon such document.
Section 4
This ordinance shall take effect in accordance with
..
law.
RECORD OF COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.D.
COUNCILMAN
- YES
NO
NV
A.D.
Eal RD
X
KRLPi
x
DIAZ
X
X
DI P bSGIQO
x
SiTF t?
x
X - Indicate Vote AD - Absent NV - Not Voting X041 - Indicates Vote to Overrule Veto
Adopted on first reading of the Council of the Borough of Carteret, ?d.1., on
Adopted on second readi or hearing on 18, 2014
Dwof ax
4, 2014
APPROVE BY
MA71lt
"G
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:
De cember 9, 2014
Notary Public of New Jersey
LINDA A. RIVERA
NOTARY PUBLIC OF NEW JERSEY
MY COMMISSION,' 1 EXPIRES MAY 2, 2016
Sworn and subscribed before
me this jd,,,/ (lay of
i
.fit? . /c/G'C'�t - ✓GC
Kathleen M. Barney, MMC
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:
Dec ember 29, 2014
Notary Public of MeAr RIVERA
NOTARY PUBLIC OF NEW JERSEY
MY COMMIZION EXPIRES MAY 2,20 16
Sworn and subscribed before
me thi k2fn,,/ day of�"a�
Kathleen M. Barney, MMG,�J
Municipal Clerk