HomeMy Public PortalAboutr 18-061Yvesolution of toe orough o C arterd, N_ �_
No. 18-61
Date of Adoption Imrh 22, 2018
RESOLUTION OF THE BOROUGH OF CARTERET, IN THE
COUNTY OF MIDDLESEX, NEW JERSEY
CONSENT TO TRANSFER OF AGREEMENTS
RELATING TO BLOCK 2802, LOTS 1 & 3
WHEREAS, on March 1, 2017, the Borough and 1500 Blair Road 2016 Urban Renewal,
LLC (the "Transferor") entered into a Redevelopment Agreement (the "Redevelopment
Agreement ") providing for the construction by the Transferor of a 156,067 square foot
warehouse /distribution facility (the "Project") on Block 2802, Lots 1 and 3 (the "Project
Site "); and
WHEREAS, on March 1, 2017, the Borough also entered into a Financial Agreement
with the Transferor in connection with the Project (the "Financial Agreement" and,
together with the Redevelopment Agreement, the "Agreements "); and
WHEREAS, the Transferor seeks to transfer its interest in the Project, the Project Site
and the Agreements to CPT NJ 1500 Blair Urban Renewal, LLC (the "Transferee "), an
affiliate of AEW CPT Acquisitions, LLC.
NOW THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE
BOROUGH OF CARTERET AS FOLLOWS:
Section 1. The Recitals are incorporated by reference as if set forth at length
herein.
Section 2. The Borough hereby consents to and approves the transfer of the
Transferor's interest in the Project, the Project Site and the
Agreements to the Transferee, and the Mayor is authorized to
execute any agreements or documents necessary to express the
Borough's consent to the transfer as described herein.
Section 3. This resolution shall take effect in accordance with applicable law.
Adopted this 22 " day of March, 2018
and certified as a true copy of the
original on March 23, 2018.
KATHLEEN M. BARNEY, MMC
Municipal Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.B.
COUNCILMAN
YES
NO
NV
A.B.
B E LM
X
JC IPL
X
Drat
X
KRM
X
04k9C[0
X
NARFS
X
X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto
Adopted at a meeting of the Municipal Council
Marrh 22 2018
CLERK