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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 TES NO NV A.D. COUNCILMAN TES NO NV I A.B. BELLINO X • JOIIAL X DIAZ • X laturt X DIMASCIO _ _ NAPLES X X - Indicate Vole AD - Absent NV - Not Voting XOR• Indicates Vote la Overrule Veto Adopted at a meating of the Manlcipal C ' 7 De eraber 1'. 201 (9 i A, eccsng rtunicipai `rsar�.... C-)