HomeMy Public PortalAboutr 15-258No. .15 -258
Date of Adoputa ' r 29, 2M
RESOLUTION OF THE BOROUGH OF CARTERET, IN THE COUNTY
OF MIDDLESEX DESIGNATING HC REDEVELOPMENT, LLC AS THE
CONDITIONAL. REDEVELOPER OF THE FEDERAL BOULEVARD
REDEVELOPMENT AREA AS ULTIMATELY DETEMMINED BY THE
BOROUGH
WHEREAS, the New Jersey Local Redevelopment and Housing Lary, N.J.S.A.
12A -1 et seq. (the "Redevelopment Law ") authorizes municipalities to determine whether
'.n parcels of land located therein constitute areas in need of redevelopment; and
WHEREAS, the Borough Council has adopted an ordinance approving and adopting the
Federal Boulevard Redevelopment Plan (the "Redevelopment Plan") in accordance with the
Local Redevelopment and Housing Law, K.I.S.A. 40A:12A -I et seq. (tire "Act'); and
WHEREAS, the Redevelopment Plan relates to certain properties within the Borough, ,
Specifically Block 49.0 1, Lots 4. 9 and I1; Block 49.02; Lot 2, Block 64.0 1. Lots 1, 2 3, 4.0 1.
4 4.04, 6.01, 7 and 3; Block 64.02, Lots 1, 2.01, 2.02, 3 and 7, as reclassifiedt
(collectively the Redevelopment Area"): and
WHEREAS, HC Redevelopment, LLC ( "HC" ), an affiliate of Hampshire Real Estate
Companies, has expressed a desire to redevelop all or a portion of Redevelopment Area; and
WHEREAS, the Mayor and Council have determined that HC is capable of undertaking
said redevelopment of the Redevelopment Area; and
WHEREAS, the Borough wishes to engage it preliminary negotiations with HC in
furtherance of entering into a formal redevelopment agreement, with said preliminary
negotiations to include the receipt and review of additional project specific information from HC
as may be requested.
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 I. HC with offices at 22 Ddaple Avenue, A•lorristown, Nero Jersey 07960, is
hereby conditionally designated as the redeveloper of the Redevelopment Area and ties, 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 Redevelopment Area.
Section 2. The within designation is hereby made for a limited period of ninety (90)
days, and is further contingent upon HC providing any additional project related information as
may be requested by the Borough.
Section 3. The within designation is further contingent upon (0 HC agreeing to
reimburse the Borough for anv and all costs in accordance with an Interim Costs Agreement to
be executed between the Borough and HC, and (ii) negotiating a formal redevelopment
agreement between the Borough and HC 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 negotiation and execution of a formal redevelopment agreement, including
such costs incurred prior to the date of adoption of this resolution.
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No_ 15 -258
PAGE 2
Section 4. The Mayor is hereby authorized and directed to execute an Interim Costs
Agreement with HC in substanlialh' the same form as that on file with the Borough Clerk, along
with such additions, deletions or modifications as the A4ayor may deem necessary, after
- onsultation with counsel.
Section 5. This resolution shall take effect immediately.
Pcbpted tYds 29th day of AazeTtrr, 2015
a xi certified as a trye copy of the
or•g m3l on Drys' 90,_2015. j
�A1III�1 M. BARNEY, Mc
Mmicipal Clerk
RECORD OR COUNCIL VOTE
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Adapted at a meeting of the Municipal Council
Dacsder 29, 2015