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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