HomeMy Public PortalAboutr 22-011lboolution of t4j x t of (adore,
#22 -11 Date ofAdootion.January 6, 2022
RESOLUTION OF THE BOROUGH OF CARTE RET
CONDITIONALLY DESIGNATING BDG HOTELS INC. AS
THE REDEVELOPER FOR THE PROPERTY COMMONLY
REFERRED TO AS BLOCK 701, LOT 1.ON THE TAX MAPS OF
THE BOROUGH OF CARTE RET LOCATED WITHIN THE
INTERCHANGE 12 REDEVELOPMENT AREA AND
AUTHORIZING THE EXECUTION AND DELIVERY OF
A PRE - DEVELOPMENT 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 the area consisting of Block 701, Lot I on the Official Tax Map of
the Borough constituted an "area in need of redevelopment" hr accordance with the
Redevelopment Law (collectively, the "Interchange 12 Redevelopment Area "); and
WHEREAS, the Borough adopted a redevelopment plats for the Redevelopment Area
(the "Redevelopment Plan "), which shall control the redevelopment of the Interchange 12
Redevelopment Area; and
WHEREAS, the Borough desires to engage in preliminary negotiations with BDG
Hotels Inc. (the "Company'), in furtherance of entering into a formal redevelopment
agreement for the redevelopment of the Redevelopment Area; and
WHEREAS, the Borough desires to enter into that certain Pre - Development Agreement
with the Company (attached hereto as Exhibit A in substantially fmal form) to establish
an escrow fund with the Borough to provide for the payment of the Borough's
professional fees, costs and expenses related to the Redevelopment Area and the
negotiation and execution of a redevelopment agreement and matters related thereto; and
NOW, THEREFORE, BE IT RESOLVED as follows:
Section 1. The Company is hereby conditionally designated as the
redeveloper for the Property for an initial period of ninety (90)
days, or as otherwise may be extended in accordance with
Section 2 hereof, during which time negotiation and execution of a
redevelopment agreement with the Borough shall be completed.
Section 2. The Mayor, Chief Financial Officer, or Director of Law (each an
"Authorized Officer") are hereby each severally authorized, 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, to extend the time period set
forth in Section 1 hereof, but in no event shall such additional
period exceed ninety (90) days beyond the time period set forth in
Section 1 hereof:
No. #,22 -11
PAGE 2
Section 3. In the event that the Company has not executed a redevelopment
agreement with the Borough, all in accordance with the time
periods set forth in Section 1 hereof, or as otherwise may be
extended by an Authorized Officer, in such Authorized Officer's
sole discretion, in accordance with Section 2 hereof, the Borough's
conditional designation of the Company as redeveloper for the
Project Area shall expire and be of no further force and effect and
the Borough shall have no further obligation to the Company.
Section 4. The Pre- Development Agreement is hereby authorized to be
executed and delivered on behalf of the Borough by an Authorized
Officer in substantially the form attached hereto as Exhibit A, with
such changes as such Authorized Officer, after consultation with
the Borough Consultants, deems necessary, desirable or convenient
in such Authorized Officer's sole discretion.
Section 5. The Borough Clerk, or the Deputy Borough Clerk, is hereby
authorized and directed, upon the execution of the Pre -
Development Agreement in accordance with the terms of Section 4
hereof, to attest to the Authorized Officer's execution of the Pre -
Development Agreement and is hereby further authorized and
directed to thereupon affix the seal of the Borough to the Pre -
Development Agreement.
Section 6. Upon the execution and attestation of and if required, the placing
of the seal of the Borough on the Pre - Development Agreement as
contemplated by Sections 4 and 5 hereof, the Authorized Officer is
hereby authorized and directed to (a) deliver such fully executed,
attested and sealed Pre - Development Agreement to the Company
and (b) perform such other actions as the Authorized Officer
deems necessary, desirable or convenient in relation to the
execution and delivery thereof.
Section 7. All actions of the Authorized Officers and the Borough
Consultants taken prior to the date of adoption hereof in
connection with the Redevelopment Area, including without
limitation, the Pre - Development Agreement, are hereby ratified
and approved.
Section 8. This resolution shall take effect at the time and in the manner
prescribed by law.
NO. #22 -11
PAGE 3
Section 9. 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 On day of January, 2022
and certified as a true copy of the
original on January 7, 2021
CARMELA POGORZELSKI, RMC
Municipal Clerk
RCCORD OF COUNCIL VOTE
BEILINO X JOHAL X
DIAZ X
DIMASCIO X NAPLES I X
X - Indicate Vote AE- Absent NV - Not Voting XOR- Indicates Vote to Overmle Veto
Adopted at a meeting of the Municipal Council
,�� Janylary 6,j 2022