HomeMy Public PortalAboutOrd. 20-07OrbrinanU
No. #20 -07
of the
Pory 4 of and #mi,
ORDINANCE OF TEE BOROUGH OF CARTERET, COUNTY OF
MIDDLESEX, NEW JERSEY APPROVING APPLICATION FOR
FINANCIAL AGREEMENT FOR 700 FEDERAL BOULEVARD URBAN
RENEWAL 2016, LLC
WHEREAS, the Borough of Carteret (the `Borough ") designated the properties formerly known
as Block 49.01, Lots 4, 9 and 11, Block 49.02, Lot 2, Block 64.01, Lots 1, 2, 3, 4.01, 4.04, 5,
6.01, 6.02, 7 and 8 and Block 64.02, Lots 2.01 and 2.02 on the tax map of the Borough as an area
in need of redevelopment pursuant to the New Jersey Local Redevelopment and Housing Law,
NJS.A. 40A:12A -1 etseq.; and
WHEREAS, 700 Federal Boulevard Urban Renewal 2016, LLC (tire "Redeveloper ") is the
ground lessee of the real property designated on the Borough's Tax Map as Block 2802, Lot 2
(formerly Block 64.01, Lots 2 and 5) (the `Project Area "), which real property is located in the
Redevelopment Area; and
WHEREAS, the Borough and the Redeveloper entered into that certain Redevelopment
Agreement, pursuant to which the Redeveloper agreed to redevelop the Project Area by
constructing thereon the core and shell of two (2) warehouse and distribution facilities, totaling
approximately 490,000 square feet, along with related site improvements (dre'Project "); and
WHEREAS, the Redeveloper submitted to the Mayor an application (the "Application "), which
is on file with the Borough Clerk, to make payments to the Borough in lieu of taxes in connection
with the Project; and
WHEREAS, the Redeveloper also submitted to the Mayor a form of financial agreement (the
`Financial Agreement "), a copy of which is attached as Exhibit 19 to the Application; slid
WHEREAS, the Mayor submitted the Application and Financial Agreement to the Borough
Council with his recommendation for approval, a copy of which recommendation is on file with
the Borough Clerk.
NOW, THEREFORE, BE IT ORDAINED BY THE BOROUGH COUNCIL OF THE
BOROUGH OF CARTERET, NEW JERSEY AS FOLLOWS:
Section 1. The Application and Financial Agreement are hereby approved.
Section 2. The Mayor is hereby authorized to execute the Financial Agreement
substantially in the form attached as Exhibit 19 to the Application,
subject to minor modification or revision, as deemed necessary and
appropriate after consultation with counsel.
Section 3. The Borough Clerk is hereby authorized and directed, upon execution of
the Financial Agreement by the Mayor, to attest to die signature of the
Mayor.
Section 4.
This ordinance shall take effect in accordance with applicable law.
RECORD OF COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.B.
COUNCILMAN
YES
NO
NV
A.B.
BELLINO
X
JOHAL
X
DIAZ
X
KRUM
X
.
DIMASCIO
X
NAPLES
X
X - Indicate Vote AB- Absent
NV -Nat Voling XOR- Indicates Vale to Overmle Veto
Adopted on first reading of the Council of the Borough of Carteret, N.J., on March 5, 2020
Adopted on second reading after hearing da March-19. 2020 S
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AP 20-20 MAYOR
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AFFIDAVIT OF PUBLICATION
The following is a true copy of an Ordinance or Resolution of
the Borough of Carteret that has appeared in the Home News
Tribune, a newspaper which is printed in Freehold, New
Jersey and published in Neptune, in said County and State and
of general circulation in said county. One 1 time(s), once in
each issue as follows:
March 12, 2020
Acting Municipal
Notai +►blic of New Jersey
Sworn and subscribed before
me this E ' day of )' , ' - 0 0
MARGARET M. RUSSO
NOTARY PUBLIC OF NEW JERSEY
My Commission Expires April 4, 2020
on
appllcatlod and Finagc"d
by any membe, . he ger
Avenue, Carteret,'Nebv '1
business hours. The title of
Title: "Ordinance of
Middlesex, New Jersey
Agreement for 700 Federal
Carmela Pogorzelskl, Actin
($27.52)
ordinance tonows:
Borough of Carteret County of
moving Application {or Financlai
evard Urban Renewal 2016, LLC."
nicipal Clerk }
The following is a true copy of an Ordinance or Resolution of
the Borough of Carteret that has appeared in the Home News
Tribune, a newspaper which is printed in Freehold, New
Jersey and published in Neptune, in said County and State and
of general circulation in said county. One 1 time(s), once in
each issue as follows:
March 25, 2020
- A, r ' , � �� /CCj
Notary Public of New Jersey
DANA C. ARCHEVAL
NOTARY PUBLIC OF NEW JERSEY
My ` , EXPIN Ill 22022
Sworn and subscribed before
me this ,�;�A day of H,,4 2,
Acting Municipal Clerk
�IU[ nanCe or ine oorouggn of carteret, County of. Middlesek,
New Jersey Approving ApPlicatlon for Financial Agreement for 700.
Federal Boulevard Urban Renewal LLC.°
Carmela Pogorzelski, Acting Municipal Clerk
(526.66)