Loading...
HomeMy Public PortalAboutOrd. 16-06Orbiina a No. 16-6 of tog Pnroug4 of &rterd, Y. �. Councilman Presents the following Ordinance Seconded by Councilman AN ORDINANCE OF THE BOROUGH OF CARTERET AUTHORIZING THE EXECUTION AND DELIVERY OF A FINANCIAL AGREEMENT BY AND BETWEEN THE BOROUGH OF CARTERET AND BRIDGE CARTERET I URBAN RENEWAL, LLC WHEREAS, the Borough Council adopted an ordinance approving and adopting the Federal Boulevard Redevelopment Plan (the "Redevelopment Plan") in accordance with the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A -1 et seq. (the "Act'); and WHEREAS, the Redevelopment Plan relates to certain properties within the Borough, specifically Block 49.0 1, Lots 4, 9 and 11; Block 49.02; Lot 2, Block 64.0 1, Lots 1, 2, 3, 4.01, 4.03, 4.04, 5, 6.01, 6.02, 7 and 8; Block 64.02, Lots 1, 2.01, 2.02, 3 and 7 (collectively the "Redevelopment Area "); and WHEREAS, the Redeveloper is the ground lessee of that parcel of real property located within the Redevelopment Area designated on the Official Tax Map of the Borough as Block 2802, Lots 11 and 12, formerly designated as Block 64.01, Lots 7 and 8 (the "Project Area "); and WHEREAS, the Redeveloper desires to construct upon the Project Area a warehouse facility of approximately 206,500 square feet, along with approximately 125 parking spaces, appropriate fencing, screening and landscape improvements (the "Project'); and WHEREAS, pursuant to and in accordance with the provisions of the Long Term Tax Exemption Law, constituting Chapter 431 of the Pamphlet Laws of 1991 of the State, and the acts amendatory thereof and supplement thereto (the "Long Term Tax Law", as codified in N.J.S.A. 40A:20 -1 et sm.), the Borough is authorized to provide for tax abatement witn edevelopment area and for payments in lieu of taxes; and WHEREAS, the Redeveloper has submitted an application for the approval of an urban renewal project, as such tent is used in the Long Term Tax Law, all in accordance with N.J.S.A. 40A:20 -8 (the "Exemption Application", a copy of which is attached hereto as Exhibit A ; and WHEREAS, the Borough and the Redeveloper have reached agreement with respect to, among other things, the terms and conditions relating to the Annual Service Charges and desire to execute the Financial Agreement. NOW, THEREFORE, BE IT ORDAINED AND ENACTED by the Borough Council of the Borough of Carteret, County of Middlesex, New Jersey, as follows: Section 1. The Exemption Application is hereby accepted and approved. NO 16 - 6 PAGE 2 of 2 Section 2. The Financial Agreement is hereby authorized to be executed and delivered on behalf of the Borough by either the Mayor, the Chief Financial Officer or the Director of Law in substantially the form attached hereto as Exhibit B, with such changes as the Mayor, Chief Financial Officer or Director of Law (each an "Authorized Officer "), in their respective sole discretion, after consultation with such counsel and any advisors to the Borough (collectively, the `Borough Consultants ") shall determine, such determination to be conclusively evidenced by the execution of the Financial Agreement by an Authorized Officer as determined hereunder. The Borough Clerk is hereby authorized and directed to attest to the execution of the Financial Agreement by an Authorized Officer of the Borough as determined hereunder and to affix the corporate seal of the Borough to the Financial Agreement. Section 3. The Authorized Officers of the Borough are hereby further severally authorized and directed to (i) execute and deliver, and the Borough Clerk is hereby further authorized and directed to attest to such execution and to affix the corporate seal of the Borough to, any document, instrument or certificate deemed necessary, desirable or convenient by the Authorized Officers or the Borough Clerk, as applicable, in their respective sole discretion, after consultation with the Borough Consultants, to be executed in connection with the execution and delivery of the Financial Agreement and the consummation of the transactions contemplated thereby, which determination shall be conclusively evidenced by the execution of each such certificate or other document by the party authorized hereunder to execute such certificate or other document, and (ii) perform such other actions as the Authorized Officers deem necessary, desirable or convenient in relation to the execution and delivery thereof. Section 4. This ordinance shall take effect upon final passage and publication as required by law. Section 5. Upon final 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. RECORD OF COUNCIL VOTE L BELLINO X I I I KRUN I X DIAZ X I NAPLES y X - Indicate Voce AB - Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto Adopted on first reading of the Council of the Borough of Carteret, N.7., on February 25, 2016 Adopted on second reading after hearing�on h 10,_ 9mc, APPRO D + ON EXHIBIT A EXEMPTION APPLICATION EXHIBIT B FORM OF FINANCIAL AGREEMENT AFFIDAVIT OF PUBLICATION The following is a true copy of an Ordinance or Resolution of the Borough of Carteret that has appeared in the Star Ledger, a newspaper which is printed in Newark, New Jersey and published in Essex County, of general circulation in said county and state. One (1) time(s) once in each issue as follows: March 2, 2016 Notary Public of New Jersey Kathleen M. Barney, rc Municipal Clerk Sworn and Subscribed before Y of NOTARY PUBLIC OF NEW JERSEY 6, MY COMMISSION EXPIRES MAY 2, 2016 AFFIDAVIT OF PUBLICATION The following is a true copy of an Ordinance or Resolution of the Borough of Carteret that has appeared in the Star Ledger, a newspaper which is printed in Newark, New Jersey and published in Essex County, of general circulation in said county and state. One (1) time(s) once in each issue as follows: March 17, 2016 ,' A /N"�2 — �-f f�f:!L"d. �P �d Ldc`. 4 L ...._..�. Notary Public of New Jersey Kathleen M. Barney, M4 LINDA A. RIVERA Municipal Clerk NOTARY PLIPI_IC OF NEW JERSEY MY COMMISSION UK" S MAY 2, 2016 Sworn and Subscribed before Me this.- L day of c- cl