HomeMy Public PortalAboutr 19-211#19 -211
Date of Adoption December 12, 2019
RESOLUTION OF THE BOROUGH OF CARTERET, IN THE COUNTY OF
AUDDLESEX, NEW JERSEY, CONSENTING TO A TRANSFER OF EQUITY
INTEREST IN REDEVELOPER OF BLOCK 2802, LOT 9
WHEREAS, on February 27, 2019, the Borough and 120 Raskulinecz Road Urban
Renewal LLC ('Redeveloper ") entered into a Redevelopment Agreement providing for
the construction of a 91,328 square foot warehouse /distribution facility on Block 2802,
Lot 9; and
WHEREAS, on December 6, 2019, Redeveloper advised the Borough of the current
ownership structure of Redeveloper and requested that the Borough approve, in
accordance with Article XII of the Redevelopment Agreement, the current ownership -
structure of Redeveloper'and a transfer to allow certain affiliates of The Blackstone
Group, Inc. to acquire an indirect equity interest in Redeveloper, as set forth in more
detail in RedeveIoper's written request, dated December 6, 2019, a copy of which is on
file with the Borough Clerk.
NOW THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE
BOROUGH 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 current
ownership structure of Redeveloper and the transfer to allow
certain affiliates of The Blackstone Group, Inc, to acquire an
indirect equity interest in Redeveloper, as set forth in more detail
in Redeveloper's written request, dated December 6, 2019.
Section 3. The Mayor is authorized to execute any agreements or documents
necessary to express the Borough's consent to the transfer as
described herein.
Section 4, This resolution shell take effect in accordance with-applicable
law.
Adopted this 12' day of December, 2019
and certified as a true copy of the
original on December 13, 2019.
CARMBLA POGORZELSKI
Acting Municipal Clerk
RECORD OF COUNCIL VO'I'F.
COUNCILMAN
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A.D.
COUNCILMAN
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I A.B.
BELLINO
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• JOIIAL
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DIAZ •
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laturt
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DIMASCIO
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NAPLES
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X - Indicate Vole AD - Absent NV - Not Voting XOR• Indicates Vote la Overrule Veto
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