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No. #19 -165
Date of Adoptio October 3 , 2019
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,
entered into a Redevelopment Agreement (the "Redevelopment Agreement ") providing for
construction of a 156,067 square foot warehouse /distribution facility (the "Project ") on Block
�2, Lots 1 and 3 (the "Project Site "); and
WHEREAS, on March 1, 2017, the Borough also entered into a Financial Agreement
the 1500 Blair Road 2016 Urban Renewal, LLC in connection with the Project (tire
racial Agreement" and, together with the Redevelopment Agreement, the "Agreements ");
WHEREAS, on March 22, 2018 the Borough adopted Resolution 18 -61 Consenting to
transfer of the Agreements to CPT NJ 1500 Blair Urban Renewal, LLC (the "Transferor ");
WHEREAS, the Transferor seeks to transfer its interest in the Project, the Project Site
the Agreements to BPREP 1500 Blair Road Urban Renewal LLC (the "Transferee ").
NOW THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE
UGH 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 3" day of October, 2019
And certified as a true copy of the
Original on October 4, 2019.
CARMELA POOORZELSKI
Acting Municipal Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.E.
COUNCILMAN
YES
NO
NV
A,E.
BaL M
X
X
DIAZ
X
KUM
X
DDASCt0
X
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X - Indicate Vote An - Absent NV -Not Voting XOR- Indicates Vote to Overrate Veto
Adopted at a meeting of the Mtmicipal Council
October 3
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