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HomeMy Public PortalAboutr 17-035No �� ,�,wl fiou oaf 111 -C Dr otq#1 of (_Cartad., 17-35 Datc of Aduphon Fdrimy 9, 201 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 L'ELLINO X JOHAL �_ 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