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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
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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