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RESOLUTION OF THE BOROUGH OF CARTERET, IN THE COUNTY
OF MIDDLESEX AUTHORIZING EXECUTION OF REDEVELOPMENT
AGREEMENT
WHEREAS, under the New Jersey Local Redevelopment and Housing Law, N.J.SA.
40A: 12A-1 et seq, the Borough of Carteret (the "Borough ") designated the properties formerly
known as Block 49.01, Lots 4, 9 and 11, Block 49.02, Lot 2, Block 64.01, Lots 1, 2, 3, 4.01,
4.04, 5, 6.01, 6.02, 7 and 8, and Block 64.02, Lots 2.01, 2.02 on the Borough's tax map
(collectively, the "Federal Boulevard Redevelopment Area" or the "Redevelopment Area "),
as an area in need of redevelopment pursuant to the Redevelopment Law; and
WHEREAS, Federal Business Centers, Inc. ( "FBC ") is the owner of the real property
located in the Borough and shown on the Borough's Tax Map as Block 2802, Lots 1 (formerly
Block 64.01, Lot 1) and 3 (formerly Block 64.01, Lot 3) (the "Project Area "), which real
property is located in the Redevelopment Area; and
WHEREAS, 1500 Blair Road 2016 Urban Renewal, LLC, a limited liability company
formed under the laws of the State of New Jersey (the "Redeveloper") leases the Project Area
from FBC p ursuan t to that certain ground lease dated September, 2016; and
WHEREAS, the Borough now desires to authorize the execution of a redevelopment
agreement with the Redeveloper for the redevelopment of the Project Area, in a form to be
approved by the Borough's Director of Law and Special Redevelopment Counsel.
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 1. The aforementioned recitals are incorporated herein as though fully set
forth at length.
Section 2. The Mayor is authorized to execute a redevelopment agreement with the
Redeveloper for the redevelopment of the Project Area, in a form to be approved by the
Borough's Director of Law and/or Special Redevelopment Counsel, and any competent party is
authorized to attest same.
Section 3. The Mayor is further authorized to take any and all actions and to execute
such other documents as may be necessary to effectuate the terms of the Redevelopment
Agreement, as deemed advisable by the Borough's Director of Law and/or Special
Redevelopment Counsel.
Section 4. This resolution shall take effect immediately.
Adopted cn this 9th day of February, 2017
and certified as a true ccy of the
original on February 10, 2017
KAMIM M. 13OU, ME
MniCipel Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN YES NO NV A. 11. UVIAl :rLIVIAn rrso ivv I'll I
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DIAZ X 1WH - 1 1 DIMISCI.O X NAPLES Ex
X - Indicate Vule. All - Abscut IVV - Nut Vining XOR - Indicates Vole to Ovel1Ule Vctu
Adopted at a meeting of the Municipal Council