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HomeMy Public PortalAboutr 17-036L 17 -36 Dalc of Aduplion Fdxuary 9, 201 AUTHORIZING THE EXECUTION OF A REDEVELOPMENT AGREEMENT WITH THE CARTERET BUSINESS PARTNERSHIP, INC AS REDEVELOPER OF A PORTION OF THE COOKE AVENUE MIXED USE REDEVELOPMENT AREA IN CONNECTION WITH THE CONSTRUCTION AND OPERATION OF A NEW PERFORMING ARTS CENTER WHEREAS, the Local Redevelopment and Housing Law, N 1 40A:12A -1 et wo. (the "Redevelopment Law "), authorizes municipalities to determine whether certain parcels of land in the municipality constitute areas in need of redevelopment; and WHEREAS, the Council (the "Borough Council ") of the Borough of Carteret (the "Borough "), by Resolution No. 14 -71, duly adopted on April 10, 2014, designated certain property within the Borough, including, without limitation, the property identified on the official tax maps of the Borough as Block 6501, Lot 18 (the "Site ") as an area in need of redevelopment, pursuant to the Redevelopment Law (the "Redevelopment Area "); and WHEREAS, on May 15, 2014 the Borough Council adopted an ordinance approving the "Cooke Avenue Mixed Use Redevelopment Plan" (the "Redevelopment Plan ") for certain areas in the Borough, including the Redevelopment Area; and WHEREAS, the Redevelopment Law authorizes the Borough to arrange or contract for the planning, construction or undertaking of any development project or redevelopment work in an area designated as an "area in need of redevelopment', all pursuant to N.I.S.A. 40A:12A -8 and a redevelopment plan; and WHEREAS, the Borough has determined that the Carteret Business Partnership, Inc. (the "Redeveloper ") will redevelop the Site through the construction of a new performing arts center thereon (the "Project ") as envisioned by the Borough and the Redeveloper pursuant to the Redevelopment Plan; and WHEREAS, pursuant to N,1,S,A. 40A:12 -4, the Borough Council has determined to act as the "redevelopment entity" (as such tern is defined at N.J.S.A. 40A:12A -3 of the Redevelopment Law) for the Redevelopment Area; and WHEREAS, the Borough Council has determined that the redevelopment of the Site in accordance with applicable provisions of the Redevelopment Plan will contribute to the redevelopment and reinvigoration of the Borough and to the social and economic improvement of the Borough in accordance with the legislative intent, goals and objectives of the Redevelopment Law; and WHEREAS, the Borough desires to authorize the execution of a redevelopment agreement with the Redeveloper for the Site, which will set forth the rights and obligations of the respective ponies, as well as the anticipated time frame for the completion of certain tasks. 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 Borough Council President is hereby authorized to execute a redevelopment agreement with the Redeveloper for the redevelopment of the Project Site, in a form to be approved by the Borough's Director of Law and Special Redevelopment Counsel, and any competent party is authorized to attest to same. Section 3. This Resolution shall take effect immediately. Pdoptied this 9th day of F& aLy, 2017 and ca ti-fied as a true copy of the original. on F ebnmy 10, 2017 u , a- X X - ludieatc Voic AI) - Absent NV - Nut Vining XUR - indicates Vote to Overrule Vctu Adopted at a meeting of the Municipal Council I ,., Felx11ry 9 a RC, OF COUNCIL JO'I'E COUNCILMAN YES NO l i. COUIVCILRIAN YE: GCLLII`l0 X JOHAL X DIAZ X JNV,1 KRUM DIMASCIO N APLES X X X - ludieatc Voic AI) - Absent NV - Nut Vining XUR - indicates Vote to Overrule Vctu Adopted at a meeting of the Municipal Council I ,., Felx11ry 9 a