HomeMy Public PortalAboutr 18-183Yusolution of #4.e �orough of C a N_ J_
N 18-183
Date of Adoptio Sqkerlmr 6, 2 018
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.S.A.
40A:12A -1 et seq. (the "Redevelopment Law "), 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 64.0 1, Lots 1, 2, 3, 4.01, 4.04, 5, 6.01, 6.02, 7 and 8, and Block
64.02, Lots 2.01 and 2.02 on the Borough's tax map (collectively, the "Redevelopment
Area "), as an area in need of redevelopment pursuant to the Redevelopment Law; and
WHEREAS, the Borough Council adopted a redevelopment plan for the Redevelopment
Area, dated September 11, 2006 (the "Redevelopment Plan "); and
WHEREAS, New Carsun Hills, L.P. ( "NCH "), is the owner of the real property
designated on the Borough's Tax Map as Block 2802, Lot 2 (formerly Block 64.01, Lots
2 and 5) (the "Project Area "), which real property is located in the Redevelopment
Area; and
WHEREAS, 700 Federal Boulevard Urban Renewal 2016 LLC (the "Redeveloper")
will lease the Project Area from NCH pursuant to a ground lease; and
WHEREAS, the Redeveloper proposes to redevelop the Project Area by constructing
thereon a multi - building warehouse /distribution project totaling approximately 490,632
square feet (the "Project'); and
WHEREAS, the Borough now desires to authorize the execution of a redevelopment
agreement with the Redeveloper (the "Redevelopment Agreement ") for the
redevelopment of the Project Area, in substantially the same form as that on file with the
Borough.
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 the Redevelopment Agreement
for the redevelopment of the Project Area, in substantially the same form as that on file
with the Borough, subject to minor modification or revision, as deemed advisable 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.
13030 - 075:603646.1
NO. 18 -183
PAGE 2
Section 4. 700 Federal Boulevard Urban Renewal 2016 LLC is hereby designated as
the exclusive Redeveloper of the Project Area, so long as the Redevelopment Agreement
is in effect.
Section 5. This resolution shall take effect immediately.
Adopted this 6' day of September, 2018
And certified as a true copy of the
Original of September 7, 2018.
KATHLEEN M. BARNEY, MMC
Municipal Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.B.
COUNCILMAN
YES
NO
NV
A.B.
BaLUD
X
jan
X
DIAZ
X
MN
X
DIIOSC[O
X
WRES
X
I
X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates `: ote to Overrule Veto
Adopted at a meeting of the Municipal Council
S 6� 20 8