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Home My Public Portal Aboutr 20-021ILI $20 -21 Date of Adoptio January 16, 2020 RESOLUTION OF THE BOROUGH OF CARTERET CONDITIONALLY DESIGNATING GATED INVESTMENTS, LLC AS THE REDEVELOPER FOR THE PROPERTY KNOWN AS TAX BLOCK 6804, LOT 3 LOCATED WITHIN THE WASHINGTON AVENUE REDEVELOPMENT AREA WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A: 12A-1 of seq., as amended and supplemented (the "Redevelopment Law "), provides a process for municipalities to participate in the redevelopment and improvement of areas in need of redevelopment; 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, the Borough adopted a redevelopment plan for the Redevelopment Area (the "Redevelopment Plan"), which shall control the redevelopment of the Redevelopment Area; and WHEREAS, the Borough is the fee title owner of certain real property commonly referred to as 21 Washington Avenue and 25 and 27 Locust Street and identified as Block 6804, Lot 3 on the tax map of the Borough (the "Property"), which property is located in the Redevelopment Area; and WHEREAS, the Borough desires to engage in preliminary negotiations with Gated Investments, LLC (the "Company "), in furtherance of entering into a formal redevelopment agreement for the acquisition and redevelopment of the Property. NOW, THEREFORE, BE IT RESOLVED as follows: Section 1. The Company is hereby conditionally designated as the redeveloper for the Property for an initial period of ninety (90) days, or as otherwise may be extended in accordance with Section 2 hereof, during which time negotiation and execution of a redevelopment agreement with the Borough shall be completed, Section 2.. The Mayor, Chief Financial Officer, or Director of Law (each an "Authorized Officer ") are hereby each severally authorized, 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, to extend the time period set forth in Section 1 hereof, but in no event shall such additional period exceed ninety (90) days beyond the time period set forth in Section 1 hereof. Section 3. In the event that the Company has not executed a redevelopment agreement with the Borough, all in accordance with the time periods set forth in Section 1 hereof, or as otherwise may be extended by air Authorized Officer, in such Authorized Officer's sole discretion, in accordance with Section 2 hereof, the Borough's conditional designation of the Company as redeveloper for the NO. #20 -21 Property shall expire and be of no further force and effect and the Borough shall have no further obligation to the Company. Section 4. All actions of the Authorized Officers and the Borough Consultants taken prior to the date of adoption hereof in connection with the Redevelopment Area are hereby ratified and approved. Section 5. This resolution shall take effect at the time and in the manner prescribed by law Section 6. Upon the adoption hereof, the Borough Clerk shall forward certified copies of this resolution to Matthew C. Karrenberg, Esq., DeCotiis, PitzPatrick, Cole & Giblin, LLP, Special Redevelopment Counsel to the Borough. Adopted this 16th day of January, 2020 and certified as a true copy of the original on January 17, 2020. CARMELAPOGORZELSKI Acting Municipal Clerk RE' CORD Or COUNCIL VOTE COUNCILMAN YES NO WAX A. COUNCILMAN YES NO NV A.B, BELLING X JOHAL X X DIAZ X KRUM DIMASCIO X NAPLES X X- Indicate Vote AB- Absent M Not Voting XOR- Indicateg Veto to Overrule Veto Adopted at a meeting of the Municipal Counc[I i, r gyp, Janua y 16, L10 Acting Municipal Clerk' t.—)