HomeMy Public PortalAboutr 18-241?Rezvlutw t .e Rvraugh of Carteret, N. ji-
No. 18-241
Date of Adoptio Dmnber 6, 201
RESOLUTION OF THE BOROUGH OF CARTERET
DESIGNATING WASHINGTON AVE URBAN RENEWAL 1, LLC,
AS REDEVELOPER OF CERTAIN PROPERTY KNOWN AS
BLOCK 6704, LOT 6.03 ON THE OFFICIAL TAX MAPS OF THE
BOROUGH AND AUTHORZING THE BOROUGH TO ENTER
INTO CERTAIN AGREEMENTS WITH THE REDEVELOPER
WHEREAS, pursuant to the Redevelopment and Housing Law, constituting
Chapter 79 of the Pamphlet Laws of 1992 of the State, and the acts amendatory thereof
and supplemental thereto (the "Redevelopment Law ", as codified in N.J.S.A. 40A:12A -1
Lt M.), a municipality may sell, convey or lease any of its property to a redeveloper for
the purpose of clearance, re- planning, development and redevelopment of a
redevelopment area provided that the sale, conveyance or lease in made in conjunction
with a redevelopment plan; and
WHEREAS, on June 12, 2006, the Council of the Borough of Carteret, a
municipal corporation in the County of Middlesex and the State of New Jersey (the
"Borough "), in accordance with the Redevelopment Law, duly adopted Resolution No.
06 -38 designating sixty-four properties along Washington Avenue as an area in need of
redevelopment (the "Redevelopment Area"); and
WHEREAS, on June 15, 2006, in accordance with the Redevelopment Law, the
Borough finally adopted Ordinance No. 06 -33 adopting the Washington Avenue
Redevelopment Plan forth the Redevelopment Area (the "Redevelopment Plan"); and
WHEREAS, 29 Washington Avenue Urban Renewal, LLC (the "Original
Redeveloper "), an affiliate of the Carteret Business Partnership (the "CBP "), is the fee
title owner of certain real property known as Block 6704, Lot 6.03 on the official tax
maps of the Borough (the "Property"), which property is located in the Redevelopment
Area; and
WHEREAS, On February 14, 2018, the Borough and the CBP, acting on behalf
of the Original Redeveloper, entered into (i) that certain Redevelopment Agreement
governing the development of the Property (the "Redevelopment Agreement ") and (ii)
that certain Financial Agreement granting a tax abatement for the Property and providing
for payments in lieu of taxes (the "Financial Agreement "); and
WHEREAS, on November 12, 2018, the Original Redeveloper and 29
Washington Ave, LLC (the "Purchaser ") entered into that certain Purchase and Sale
Agreement whereby the Purchaser, or its affiliate, 29 Washington Ave Urban Renewal I,
LLC, shall purchase the Property and complete the project contemplated in the
Redevelopment Agreement; and
WHEREAS, the Borough desires to designate 29 Washington Ave Urban
Renewal I, LLC, as the redeveloper of the Property (the "Redeveloper ") and enter into
each of the Assignment and Assumption of Borough Agreements (the "Assignment
Agreement ") and the Agreement to Condo and Lease Certain Commercial Space (the
"Condo and Lease Agreement" and together with the Assignment Agreement, the
"Agreements "), the forms of which are attached hereto as Exhibit A and B respectively,
with the Redeveloper and the Original Redeveloper.
NO. 18 -241
NOW, THEREFORE, BE IT RESOLVED as follows:
PAGE 2
Section 1. 29 Washington Ave Urban Renewal I, LLC is hereby designated as
the redeveloper of the Property.
Section 2. The Agreements are each hereby authorized to be executed and
delivered on behalf of the Borough by either the Mayor, Chief Financial Officer or
Director of Law Chairperson (each an "Authorized Officer "), in substantially the forms
attached hereto as Exhibit A and B respectively, with such changes as an Authorized
Officer, in its respective sole discretion, after consultation with such counsel and any
advisors to the Borough (collectively, the "Borough Consultants "), as such Authorized
Officer deems necessary, desirable or convenient in such Authorized Officer's sole
discretion.
Section 3. The Borough Clerk is hereby authorized and directed, upon the
execution of each of the Agreements in accordance with the terms of Section 2 hereof, to
attest to the Authorized Officer's execution of each of the Agreements and is hereby
further authorized and directed to thereupon affix the seal of the Borough to each of the
Agreements.
Section 4. The Authorized Officers are each hereby further authorized to
perform any act, execute or acknowledge and deliver any other document, instrument,
deed or certificate, which the Authorized Officer, after consultation with the Borough
Consultants, deems necessary, desirable or convenient and the Borough Clerk is hereby
further authorized and directed to attest to such execution or acknowledgement and to
Affix the seal of the Borough to any such document, instrument or certificate.
Section 5. All actions of the Authorized Officers and the Borough
Consultants taken prior to the date of adoption hereof in connection herewith are hereby
ratified and approved.
Section 6. Upon the adoption hereof, the Borough Clerk shall forward
certified copies of this resolution to Matthew C. Karrenberg, Esq., DeCotiis, FitzPatrick,
Cole & Giblin, LLP, Special Redevelopment Counsel to the Borough.
Adqpted this 6th day of Decetber, 2018 and
certified as a tote copy of the
o riginal on Decenber 7, 2018.
KAnIEF N M. ROU, NNIu
Mtracipal O erk
RECORD OF COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.B.
COUNCILMAN
YES
NO
NV
A.B.
B
X
X
DIAZ
X
KRLM
X
DDA=
X
NAFUFS
X
X - Indicate Vote AB - Absent NV - Not Voting
XOR - Indicates Vote to Overrule Veto
Adopted at a meeting of the Municipal Council
Decslber 6, 2018
i
LE K
U
EXHIBIT A
FORM OF ASSIGNMENT AGREEMENT
EXHIBIT B
FORM OF CONDO AND LEASE AGREEMENT