Loading...
HomeMy Public PortalAboutr 21-105'egoluflon of #4e jgoxouïż½4 of gartae#, No. 21 -105 Date of RESOLUTION OF THE BOROUGH OF CARTERET APPROVING THE APPLICATIONS BY CARTERET LOGISTICS URBAN RENEWAL, L.L.C., CARTERET LOGISTICS II URBAN RENEWAL, L.L.C., AND CARTERET LOGISTICS III URBAN RENEWAL, L.L.C., IN EACH CASE SUBMITTED IN ACCORDANCE WITH N.J.S.A. 40A:20 -8 WHEREAS, pursuant to and in accordance with the provisions of the Long Term Tax Exemption Law of 1992, constituting Chapter 431 of the Pamphlet Laws of 1991 of the State of New Jersey (the "State "), and the acts amendatory thereof and supplemental thereto (the "Tax Exemption Law", as codified in N.J.S.A. 40A:20 -1 et seg.), the Borough of Carteret (the "Borough) is authorized to provide for tax abatement within a redevelopment area and for payments in lieu of taxes; and WHEREAS, by Resolution No. 15 -224, duly adopted on November 5, 2015, the Borough the declared certain properties, including without limitation, Block 602, Lots 1, 7 and 8, Block 603, Lot I and Block 705, Lots 3, 4, 17 -19, 21, 30 -32 (as so designated prior to the subdivision described below) (the "Redevelopment Area ") as an "area in need of redevelopment" pursuant to the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A -I el seq., as amended acrd supplemented (the "Redevelopment Law"); and WHEREAS, on February 4, 2016, the Borough adopted Ordinance No. 16 -5 approving and adopting the Salt Meadow Redevelopment Plan in accordance with the Redevelopment Law with respect to the Redevelopment Area; and WHEREAS, on November 20, 2020, the Borough and Carteret Logistics, L.L.0 (the "Redeveloper ") entered in that certain agreement (the "Redevelopment Agreement ") governing the redevelopment of a portion of the Redevelopment Area consisting of Block 602, Lot 1, Block 603, Lot 1 and Block 705, Lot 18, as such real property has been subdivided for a project consisting of up to three (3) warehouse buildings consisting of no more than approximately 1,169,420 square feet of building footprint, along with approximately 533 car parking spaces, 299 trailer parking spaces, 174 truck bays, appropriate fencing, screening and landscape improvements (the "Project"); and WHEREAS, the Redevelopment Agreement allows for the Project to be undertaken in one or more Phases (as such term is defined in the Redevelopment Agreement); and WHEREAS, the Redeveloper will transfer Block 705, Lot 1.01 to Carteret Logistics Urban Renewal, L.L.C. (the "Phase I Entity ") for purposes of undertaking and constructing a building with a footprint of approximately 479,700 square footage, along with approximately 223 car parking spaces, 69 trailer parking spaces and 76 trailer stalls, together with the Phase 1 Entity's share of Project -wide infrastructure (e.g., road improvements, utility installation) (the "Phase 1 Project ") on behalf of the Redeveloper pursuant to the Redevelopment Agreement; and WHEREAS, the Redeveloper will transfer Block 602, Lot 1.02 to Carteret Logistics II Urban Renewal, L.L.C. (Ore "Phase 2 Entity ") for purposes of undertaking and constructing a building with a footprint of approximately 334,620 square footage, along with approximately 196 car parking spaces, 201 trailer parking spaces and 48 hailer stalls, together with the Phase 2 Entity's share of Project -wide infrastructure (e.g., road improvements, utility installation) (the "Phase2 Project ") on behalf of the Redeveloper pursuant to the Redevelopment Agreement; and WHEREAS, the Redeveloper will transfer Block 602, Lot 1.01 to Carteret Logistics III Urban Renewal, L.L.C. (the "Phase 3 Entity ", and together with Ore Phase I Entity and the Phase 2 Entity, the "Entities" and each, an "Entity ") for purposes of undertaking acrd constructing a building with a footprint of approximately 355,100 square footage, along 21 -105 NO, PAGE 2 with approximately 114 car parking spaces, 29 trailer parking spaces and 50 trailer stalls, together with the Phase 3 Entity's share of Project -wide infrastructure (e.g., road improvements, utility installation) (the "Phase 3 Project ") on behalf of the Redeveloper pursuant to the Redevelopment Agreement; and WHEREAS, each Entity has submitted an application to the Borough for the approval of a long term tax exemption from real estate taxes for the Phase I Project, the Phase 2 Project and the Phase 3 Project, as applicable, each as an urban renewal project, as such term is used in the Tax Exemption Law, all in accordance with N.J.S.A. 40A:20 -8 (collectively, the "Exemption Applications "); and WHEREAS, upon the final adoption by the Borough Council of an ordinance authorizing the execution thereof, the Borough and the each of the Entities shall enter into an agreement (collectively, the "Financial Agreements ") to provide for, among other things, a lax exemption for the Phase I Project, the Phase 2 Project and the Phase 3 Project, respectively, and the payment of Annual Service Charges (as such tern is defined in the respective Financial Agreements); and WHEREAS, the Mayor has submitted the Exemption Applications to the Borough Council and has recommended that the Borough Council approve the Exemption Applications. NOW, THEREFORE, BE IT RESOLVED as follows: Section 1. The Exemption Application submitted by the Phase I Entity for a tax exemption and payments in lieu of taxes under the Tax Exemption Law with respect to the Phase 1 Project, as submitted to the Mayor by way of the Borough Clerk and redevelopment counsel by the Phase I Entity on May 18, 2021 (with such subsequent modifications as agreed to by the Phase 1 Entity and the Borough's redevelopment counsel) and as recommended for approval to the Borough Council by the Mayor, which application (as so modified) is attached hereto as Exhibit A, is hereby accepted and approved. Section 2. The Exemption Application submitted by the Phase 2 Entity for a tax exemption and payments in lieu of taxes under the Tax Exemption Law with respect to the Phase 2 Project, as submitted to the Mayor by way of the Borough Clerk and redevelopment counsel by the Phase 2 Entity on May 18, 2021 (with such subsequent modifications as agreed to by the Phase 2 Entity and the Borough's redevelopment counsel) and as recommended for approval to the Borough Council by the Mayor, which application (as so modified) is attached hereto as Exhibit B, is hereby accepted and approved. Section 3. The Exemption Application submitted by the Phase 3 Entity for a tax exemption and payments in lieu of taxes under the Tax Exemption Law with respect to the Phase 3 Project, as submitted to the Mayor by way of the Borough Clerk and redevelopment counsel by the Phase 3 Entity on May 18, 2021 (with such subsequent modifications as agreed to by the Phase 3 Entity and the Borough's redevelopment counsel) and as recommended for approval to the Borough Council by the Mayor, which application (as so modified) is attached hereto as Exhibit C, is hereby accepted and approved. NO 21 -105 PAGE 3 RECORD OF COUNCIL VOTE COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO NV A.B. BELLING R JOHAL X DIAZ X KROM X DIMASCIO X X ' X- Indicate Vote AB- Absent NV -Not Voting XOR- Indicates Vote to Overmle yeto Adopted at a meeting of the Municipal Council Ju 3, 2021 CLER