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Date of Adoptio Nbym x 5, 2015
RESOLUTION OF THE BOROUGH OF CARTERET
CONDITIONALLY DESIGNATING GATED INVESTMENTS
GROUP, LLC, AS THE REDEVELOPER FOR THE PROPERTY
KNOWN AS TAX BLOCK 6704, LOT 6.03 LOCATED WITHIN
THE WASHINGTON AVENUE REDEVELOPMENT AREA AND
AUTHORIZING THE EXECUTION AND DELIVERY OF A
REDEVELOPMENT AGREEMENT
WHEREAS, pursuant to the Redevelopment and Housing Law, constituting
Chapter 79 of the Pamphlet Laws of 1992 of the State, and the acts amendatory thereof
and supplemental thereto (the "Redevelopment Law", as codified in N.J.S.A. 40A:12A -I
Lt sue.), a municipality may sell, convey or lease any of its property to a redeveloper for
the purpose of clearance, re- planning, development and redevelopment of a
redevelopment area provided that the sale, conveyance or lease in made in conjunction
with a redevelopment plan; and
WHEREAS, on June 12, .2006, the Council of the Borough of Carteret, a
municipal corporation in the County of Middlesex and the State of New Jersey (the
`Borough "), in accordance with the Redevelopment Law, duly adopted Resolution No.
06 -33 designating sixty -four properties along Washington Avenue as an area in need of
redevelopment (the "Redevelopment Area "); and
WHEREAS, on June 15, 2006, in accordance with the Redevelopment Law, the
Borough finally adopted Ordinance No. 06 -33 adopting the Washington Avenue
Redevelopment Plan forth the Redevelopment Area (the "Redevelopment Plan"); and
- WHEREAS, the Borough is the fee title owner of certain real property known as
Block 6704, Lot 6.03 on the official tax maps of the Borough (the "Property"), which
property is located in the Redevelopment Area; and -
WHEREAS, the Borough desires to conditionally designate Gated Investments
Group, LLC as the redeveloper (tire "Redeveloper) of the Property mid enter into a
Redevelopment Agreement with the Redeveloper, a form of which is attached hereto as
Exhibit A
NOW, THEREFORE, BE IT RESOLVED as follows:
Section 1. The Company is hereby conditionally designated as the
redeveloper for the Property for an initial period of ninety (90) days, or as otherwise may
be extended in accordance with Section 2 hereof, during which time negotiation avid
execution of a redevelopment agreement with the Borough shall be completed.
Section 2. The Mayor, Chief Financial Officer, or Director of Law (cacti 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.
Section 3. The Redevelopment Agreement, the form of which is attached
hereto as Exhibit A, is hereby authorized to be executed and delivered on behalf of the
Borough by an Authorized Officer, 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.
,, -229
PACE 2
Section 4. The Borough Clerk, or the Deputy Borough Clerk, is hereby
authorized and d upon the execution of the Redevelopment Agreement in
accordance with the terms of Section 3 hereof, to attest to the Authorized Officer's
execution of the Redevelopment Agreement and is hereby further authorized and directed
to thereupon affix the seal of the Borough to the Redevelopment Agreement.
Section 5. Upon the execution and attestation of and if required, the placing
of the seal of file Borough on the Redevelopment Agreement as contemplated by Sections
3 and 4 hereof, the Authorized Officer is hereby authorized and directed to (a) deliver
such fully executed, attested and sealed Redevelopment Agreement to the Redeveloper
and (b) perform such other actions as file Authorized Officer deems necessary, desirable
or convenient in relation to the execution and delivery thereof.
Section 6. In the event that the Redeveloper has not executed the
Redevelopment Agreement with the Borough, all in accordance with the time periods set
forth in Section 1 hereof, or as otherwise may be extended by air Authorized Officer, in
such Authorized Officer's sole discretion, in accordance with Section 2 hereof, the
Borough's conditional designation of the Redeveloper as redeveloper for the Property
shall expire and be of no further force and effect and the Borough shall have no further
obligation to the Redeveloper.
Section 7. All actions of the Authorized Officers and the Borough
Consultants taken prior to the date of adoption hereof in correction with the
Redevelopment Area, including without limitation, the Redevelopment 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 \4attltew C. Karrenberg, Esq., DeCotiis, Fitzpatrick
& Cole, LLP, Special Redevelopment Counsel to the Borough.
Prbpted this 5th day of %vmber, 2015
atxl certified as a tr e copy, of t1n .
on 1 on Nn l 6, 2015.
Muff Q M. BAww , Mc
M-nicipal Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN
YES
NO
N' NV
A.B.
COUNCILMAN
YES
- NO
NV
A.B.
EFL UM 1T
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Kul
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DTP
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pP4L`CIO
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X Mieule Vm A9 Ab,ent NV Not Voting XOR- Indlcatcs Vote to Ovenvle veto
Adopted at a meeting of the vlunicipal Councll
s NtIVe1lrr
EXHIBIT A
FORM OF RE, EDEVELOPMENT AGREEMENT