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15 -180 A gu t 20 2015
Datc .N .4dapiot f
RESOLUTION OF THE BOROUGH OF CARTERET
CONDITIONALLY DESIGNATING 48 LEFFERT STREET, LLC
AS THE REDEVELOPER FOR THE PROPERTY KNOWN AS
TAX BLOCK 5601, LOTS 10, 11, 12 AND 13 LOCATED WITHIN
THE - PETER J. SICA INDUSTRIAL HIGMVAY
REDEVELOPMENT AREA AND AUTHORIZING THE
EXECUTION AND DELIVERY OF A INTERIM COST
AGREEII/ENT
WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A -I et
seq., as amended and supplemented (the "Redevelopment Lang'), provides a process for
municipalities to participate in the redevelopment and improvement of areas in need of
redevelopment; and
1VIIEREAS, by resolution No. 14 -255 duly adopted on December 18, 2014, the
Borough Council (the "Borough Council ") of the Borough of Carteret (the `Borough ")
designated the properties known as Block 500, Lot 3; Block 600, Lot 1; Block 601, Lot 3,
Block 625, Lot l; Block 650, Lots I and 2; Block 675, Lot 1; Block 750, Lots 1 and 2;
Block 5601, Lots 10 -13; and Block 5602, Lots 12 -14, on the Borough's tax map (the
"Redevelopment Area ") as an area in need of redevelopment under the Redevelopment
Law; and
WHEREAS, by Ordinance No. 15 -12, finally adopted on .tune 4, 2015, the
Borough Council adopted a redevelopment plan for the Redevelopment Area (f:c
"Redevelopment Plan"); and
WHEREAS, 48 Leffert Street, LLC (the "Company ") is the contract purchaser of
a portion of the Redevelopment Area consisting of Block 5601, Lots 10, 11 12 and 13
(the "Project Area "); and
WHEREAS, the Borough desires to engage in preliminary negotiations with the
Company in furtherance of entering into a formal redevelopment agreement for the
redevelopment of the Project Area; and
WHEREAS, the Borough desires to enter into that certain Interim Cost
Agreement with the Company (attached hereto as Exhibit A in substantially final form) to
establish an escrow fund with the Borough to provide for the payment of the Borough's
professional fees, costs and expenses related to the Redevelopment Area and the
negotiation and execution of a redevelopment agreement and matters related thereto; and
NOR', THEREFORE, BE IT RESOLVED as follows.
Section 1. The Company is hereby conditionally designated as the
redeveloper for the Project Area for an initial period of ninety (90) days, or as otherwise
may be extended in accordance with Section 2 hereof during which time negotiation and
execution of a redevelopment agreement with the Borough shall be completed.
Section 2. The Mayor, Chief Financial Officer, or Director of Law (each an
"Authorized Officer ") are hereby each severally authorized, after consultation with such
counsel and any advisors to the Borough (collectively, the "Borough Consultants "), as
such Authorized Officer deems necessary, desirable or convenient, in such Authorized
Officer's sole discretion, to extend the time period set forth in Section 1 hereof, but in no
event shall such additional period exceed ninety (90) days beyond the time period set
forth in Section 1 hereof.
No. 15-180
PACE 2
Section 3. In the event that the Company has not executed a redevelopment
agreement with the Borough, all in accordance with the time periods set forth in Section I
hereof, or as otherwise may be extended by an Authorized Officer, in such Authorized
Officer's sole discretion, in accordance with Section 2 hereof, the Borough's conditional
designation of the Company as redeveloper for the Project Area shall expire and be of no
finther force and effect and the Borough shall have no further obligation to the Company.
Section 4. The Interim Cost Agreement is hereby authorized to be executed
and delivered on behalf of the Borough by an Authorized Officer in substantially the
form attached hereto as Exhibit A with such changes as such Authorized Officer, after
consultation with the Borough Consultants, deems necessary, desirable or convenient in
such Authorized Officer's sole discretion.
Section 5. The Borough Clerk, or the Deputy Borough Clerk, is hereby
authorized and directed, upon the execution of the Interim Cost Agreement in accordance
with the temts of Section 4 hereof, to attest to the Authorized Officer's execution of the
Interim Cost Agreement and is hereby further authorized and directed to thereupon affix
the seal of the Borough to the Interim Cost Agreement.
Section 6. Upon the execution and attestation of and if required, the placing
of the seal of the Borough on the Interim Cost Agreement as contemplated by Sections 4
and 5 hereof, the Authorized Officer is hereby authorized and d to (a) deliver such
fully executed, attested and sealed Interim Cost Agreement to the Company and (b)
perform such other actions as the Authorized Officer deems necessary, desirable or
convenient in relation to the execution and delivery thereof.
Section 7. All actions of the Authorized Officers and the Borough
Consultants taken prior to the date of adoption hereof in connection with the
Redevelopment Area, including without limitation, the Interim Cost Agreement, are
hereby ratified and approved.
Section S. This resolution shall take effect at the time and in the manner
prescribed by law.
Section 9. Upon the adoption hereof, the Borough Clerk shall forward
certified copies of this resolution to Matthew C. Karrenberg, Esq., DeCotiis, Fitzpatrick
& Cole, LLP, Special Redevelopment Counsel to the Borough.
Adopted this 20th day of h glLSt, 2015
and certified as a true copy of do
original on Ali t 21,,2015.
LMIA A. RIVERA
Assistant Mxacipal Clerk
RECORD OF COUNCIL VOTE
I X Indicate Vote AB- Absent NV Not Voting XOR - Indicates ',Ole to Ovanuic Veln
Adopted at a meeting of the Municipal Council