HomeMy Public PortalAboutr 18-104P solution o t je oxough o &rtPXPt, N~ J
No. 18 -104
Date of Adoption Ay 17, 2018
RESOLUTION OF THE BOROUGH OF CARTERET DESIGNATING
CARTERET REALTY PARTNERS, LLC,
AS THE DEVELOPER FOR THE PROPERTY KNOWN
AS TAX BLOCK 2 10 1, LOT8
WHEREAS, the Carteret Redevelopment Agency ( "CARA ") has previously acquired title to real
property identified on the Official Tax Map of the Borough of Carteret as Block 2101, Lot 8 (the
"Property") for future development; and
WHEREAS, CARA and the Borough have actively solicited interest in the private development
of the site to enhance commercial development/redevelopment and increased retail services for
residents and visitors within the West Carteret corridor; and
WHEREAS, CARA, in conjunction with the Carteret Business Partnership, Inc., has received a
Letter of Intent ( "LOI ") from Carteret Realty Partners, LLC, ( "Carteret Realty") to purchase the
aforesaid Property with the intent to develop this abandoned former branch bank location into a
retail food establishment; and
WHEREAS, CARA has reviewed the LOI and is desirous of entering into formal negotiations
with Carteret Realty for the sale and development of said Property; and
WHEREAS, CARA desires to conditionally designate Carteret Realty as the developer of the
Property for said purpose.
NOW, THEREFORE, BE IT RESOLVED as follows:
Section 1. That the Borough hereby approves of CARA's designation of Carteret
Realty Partners, LLC as the developer for Block 2101, Lot 8 and its
efforts to negotiate and enter into a formal Purchase and Sale Agreement
for Carteret Realty to acquire fee title ownership of said Property, in
accordance with agreeable terms and conditions related thereto.
Section 2. That the appropriate Borough Officials /Officers and Borough
Consultants are hereby authorized and directed to take all action deemed
necessary and desirable to advance and accomplish the goals and
objectives expressed herein, in coordination with CARA and the CBP,
with reference to the referenced Property.
Section 3. All actions of any of said Borough Officials /Officers and Borough
Consultants taken prior to the date of adoption hereof in connection with
the Property as provided for herein are hereby ratified and approved.
Section 6. This resolution shall take effect at the time and in the manner prescribed
by law.
Adopted this 17' day of May, 2018
and certified as a true copy of the
original on May 18, 2018.
KATHLEEN M. BARNEY, MMC
Municipal Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.B.
COUNCILMAN
YES
NO
NV
A.B.
BELLING
X
JOHAL
X
DIAZ
X
KRUM
X
DIMASCIO
X
NAPLES
X
X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto
Adopted at a meeting of the Municipal Council
�%y 17, 2018
L RK