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No. #21 -117
Date of
RESOLUTION OF THE BOROUGH OF CARTERET,IN THE
COUNTY OR MIDDLESEX, DESIGNATING CONDITIONAL
REDEVELOPER FOR CERTAIN PROPERTIES IN THE 237
ROOSEVELT AVENUE REDEVELOPMENT AREA AND
AUTHORIZING INTERIM COSTS AGREEMENT IN
CONNECTION THEREWITH
WHEREAS, the Local Redevelopment and Housing Law, N.JSA. 40A: 12A-1 et
seq. (the "Redevelopment Law ") authorizes municipalities to determine whether certain
parcels of land located therein constitute areas in need of redevelopment; and
WHEREAS, on June 21, 2018, the Borough Council (the `Borough Council ") of
the Borough adopted a Resolution designating the area consisting of Block 402, Lots 24 &
25, and Block 301, Lots 3, 4 & 5 on the Official Tax Map of the Borough (collectively, the
"Redevelopment Area ") as an area need of redevelopment under the Redevelopment Law;
and
WHEREAS, the Borough Council previously adopted an ordinance approving and
adopting a redevelopment plan for the Redevelopment Area; and
WHEREAS, the Borough is the contract purchaser of the portion of the
Redevelopment Area consisting of 237 Roosevelt Avenue, Block 402, Lots 24 & 25 on the
Borough's tax maps (the "Project Area "); and
WHEREAS, Capodagli /Meredia Property Company ( "Capodagli ") submitted to
the Borough a proposal to redevelop the Project Area; and
WHEREAS, the Borough Council has determined that Capodagli is capable of
undertaking the redevelopment of the Project Area; and
WHEREAS, the Borough wishes to engage in preliminary negotiations with
Capodagli, or with any corporate entity that Capodagli shall create and wholly own, in
furtherance of entering into a formal redevelopment agreement for the Project Area,
NOW, THEREFORE, BE AND IT IS HEREBY RESOLVED by the Mayor and
Council of Borough of Carteret, in the County of Middlesex and the State of New Jersey,
as follows:
Section 1. The aforementioned recitals are incorporated herein as though fully
set forth at length herein.
Section 2. Capodagli is hereby conditionally designated as the redeveloper of
the Project Area and has, at the sole and exclusive discretion of the Borough, the option to
enter into preliminary negotiations for a redevelopment agreement with the Borough for
the Project Area. This designation shall apply to Capodagli and /or to any special purpose
entity the principals of Capodagli may elect to form, so long as the principals in and of
Capodagli hold a controlling interest in such special purpose entity.
Section 3. The within designation is hereby made for a limited period of one
hundred- eighty (180) days from the date of adoption hereof (or such additional period of
time as the Borough may determine iii. its sole and absolute discretion), and is contingent
upon Capodagli providing any additional project related information as may be requested
by the Borough.
Section 4. The within designation is further contingent upon Capodagli
agreeing to reimburse the Borough for any and all costs associated with the Borough's
review of said additional material and any efforts involved in designating Capodagli as the
conditional redeveloper and negotiating a formal redevelopment agreement between the
NO. #21 -117
Borough and Capodagh (or such wholly owned corporate entity as it may create). Said
costs shall include, but not be limited to, the cost of any and all professional consultants
retained by the Borough to review said materials and/or assist the Borough in negotiations
of a formal redevelopment agreement.
Section 5. The Mayor is hereby authorized and directed to execute an Interim
Costs Agreement in a form to be approved by the Mayor, after consultation with counsel.
Section 6. This resolution shall take effect immediately.
Adopted this 18a' day of June, 2021
and certified as a true copy of the
original on June 18, 2021.
CARM MA POGORZELSKI, RMC
Municipal Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN
ITS
NO
NV
A.D.
COUNCILMAN
YES
NO
NV
A.D.
BELLINO
X
J01 -lAL
X
DIAZ
X
KRUM
X
DIMASCIO
X
NAPLES
X
X - Indicate Vote AD- Absent NV - Not Voting XOR- Indicates vote to Overrule V to
Adopted at a meeting of the Municipal Council
i
} Junf {e 18 2{021 t
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