HomeMy Public PortalAboutr 19-173�eooluttou of the " PI oroug4 of Ca rteret,
No, 19 -173 Date of Adoptio October 17, 2019
RESOLUTION OF THE BOROUGH OF CARTERET,
IN THE COUNTY OF MIDDLESEX, NEW JERSEY AUTHORIZING
EXECUTION OF AGREEMENT WITH
MIDSTATE FEDERAL CREDIT UNION
WHEREAS, the Borough, tinder the New Jersey Local Redevelopment and Housing Law,
N.J.S.A. 11A: 12A-1 et seq., designated the area including Block 301, Lots 3,4 and 5, and Block
402, Lots 24 and 25 (the "Redevelopment Area ") as an area in need of redevelopment and
adopted a redevelopment plan for said area; and
WHEREAS, the Borough owns the property, in the Redevelopment Area, located at 217 -233
Roosevelt Avenue, Block 301, Lots 3, 4 and 5 on the Borough's tax map (the "Borough
Parcel "), and Midstate Federal Credit Union ( "MFCU ") owns the property, in the
Redevelopment Area, located at 237 Roosevelt Avenue, Block 402, Lots 24 and 25 on the
Borough's tax map (the "MFCU Parcel "); and
WHEREAS, the Borough and MFCU agreed that MFCU will convey the MFCU Parcel to the
Borough in exchange for the Borough conveying the Borough Parcel to MFCU, along with other
consideration described in that certain Purchase and Sale Contract between the Borough and
MFCU (the "Purchase Contract "), in substantially the same form as that on file with the
Borough Clerk; and
WHEREAS, the Borough desires to approve the transaction described Herein and authorize the
execution of the Purchase Contract.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of the Borough of
Carteret, County of Middlesex, State of New Jersey, as follows:
1. The aforementioned recitals hereof are incorporated herein as though set forth at
length herein.
2. The Borough authorizes the sale, to MFCU, of the Borough Parcel and the
acquisition, from the MFCU, of the MFCU Parcel, on terms set forth in the
Purchase Contract.
3. The Mayor and Borough Clerk are authorized to execute the Purchase Contract in
substantially the same form as that on file with the Borough Clerk, along with
such additions, deletions or modifications deemed necessary by the Mayor.
4. The Mayor, Borough Clerk and Borough Counsel are hereby authorized to take
any and all actions, including the execution of any and all documents, necessary
to effectuate the transaction contemplated in the Purchase Contract, and any such
actions taken prior to the adoption of this Resolution are hereby ratified.
5. This Resolution shall take effect immediately.
Adopted this 17 day of October, 2019
and certified as a true copy of the
original on October 18, 2019.
CARMELA POGORZELSKI
Acting Municipal Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.R.
COUNCILMAN
YES
NO
NV
A.B.
BELLINO
X
JOHAL
X
DIAZ
X
KRUM
X
DIMASCIO
X
N
X
X - Indicate Vote AB - Absent NV - Not Voting XOR- Indicates Vote to Overrate Veto
Adopted at a meeting of the Municipal Council
.� _October 17, 019
T'
Acting Municipal.(aerk „J