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