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No. #21 -262 DateotAdonaoa December 30, 2021
RESOLUTION OF THE BOROUGH OP CARTEI2ET DESIGNATING
PERSHING COMMONS, LLC AS THE REDEVELOPER FOR THE PROPERTY
KNOWN AS TAX BLOCK 5806, LOTS 12,13 AND 14 WITHIN THE HILLTOP
REDEVELOPMENT AREA AND AU'T'HORIZING THE EXECUTION AND
DELIVERY OF A REDEVELOPMENT AGREEMENT
WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A -1 et 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, in accordance with the Redevelopment Law, the Borough of Carteret (the
"Borough ") declared that certain property comprising Block 5501, Lots 1, 2, 3, 4 and 31,
Block 5703, Lots 1, 2, 3, 4, 5 and 6, Block 5704, Lots 2, 3, 4, 5, 6 and 7, Block 5805, Lots
16, 17, 18 and 19, Block 5806, Lots 12, 13, 14, 15 and 16, and Block 5904, Lots 11, 12,
13, 14, 15, 16 mid 17 (collectively, 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, On October 15, 2020, the Borough adopted Resolution No. 20 -160
designating Pershing Commons LLC (the "Redeveloper) as the redeveloper of Block
5806, Lots 12,13 and 14 (the "Property "); and
WHEREAS, the Borough has negotiated a redevelopment agreement with the
Redeveloper (attached Hereto as Exhibit A in substantially final form) with the respect to
the redevelopment of the Property; and
NOW, THEREFORE, BE IT RESOLVED as follows:
Section 1. The Redevelopment Agreement is hereby authorized to be executed and
delivered on behalf of the Borough by either the Mayor or the Chief
Financial Officer in substantially the form attached hereto as Exhibit A,
with such changes as the Mayor or the Chief Financial Officer (each air
"Authorized Officer "), in their respective sole discretion, 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. All
actions of the Authorized Officers and the Borough Consultants taken prim
to the date of adoption hereof in connection with the Redevelopment Area,
Including without limitation, the Redevelopment Agreement, are hereby
ratified and approved,
Section 2. The Borough Clerk, or the Deputy Borough Clerk, is hereby authorized and
directed, upon the execution of the Redevelopment Agreement in
accordance with the terns of Section 1 hereof, to attest to the Authorized
Officer's execution of the Redevelopment Agreement and is hereby further
authorized and directed to thereupon affix the seal of the Borough to the
Redevelopment Agreement.
NO. #21 -262
PAGE 2
Section 3. Upon the execution and attestation of and if required, the placing of the seal
of the Borough on the Redevelopment Agreement as contemplated by
Sections 1 and 2 hereof, the Authorized Officer is hereby authorized and
directed to (i) deliver such fully executed, attested and sealed
Redevelopment Agreement to the Redeveloper and (ii) perform such other
actions as the Authorized Officer deems necessary, desirable or convenient
in relation to the execution and delivery thereof.
Section 4. The Authorized Officers are each hereby further authorized to perform any
act, execute or acknowledge and deliver any other document, instrument or
certificate, which the Authorized Officer, after consultation with the
Borough Consultants, deems necessary, desirable or convenient in
connection with the Redevelopment Agreement, and the Borough Clerk, or
Deputy Borough Clerk, is hereby further authorized and directed to attest to
such execution or acknowledgement and to affix the seal of the Borough to
any such document, instrument or certificate.
Section 5. Upon the Redeveloper's execution and delivery of the Redevelopment
Agreement, the Redeveloper shall be hereby deemed as the redeveloper of
the Project Area, as such term is defined in the Redevelopment Agreement,
for all purposes of law.
Section 6. This resolution shall take effect at the time and in the manner prescribed by
law.
Section 7. Upon the adoption hereof, the Borough Clerk shall forward certified copies
of this resolution to Matthew C. Karrenberg, Esq., DeCotiis, Fitzpatrick,
Cole & Giblin, LLP, Special Redevelopment Counsel to the Borough.
Adopted this 30°i day of December, 2021
and certified as a true copy of the
original on December 31, 2021.
CARMELA POGORZELSKI
Municipal Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.D.
COUNCILMAN
YES
NO
NV
A.D.
BELLINO
X
JOHAL
X
X
X
NAPLES
X
e
Fats
AB- Absent NV - Not Voting XOR- Indicates Vole to Overm�e Veto
Adopted e Municipal Council
Der -ember 3�, 2021
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