HomeMy Public PortalAboutr 02:046No 02-/46 Date of Adoption .January 31~t 2002
AUTHORIZING THE MAYOR TO EXECUTE
PRE-DEVELOPMENT AGREEMENT
WHEREAS, the Borough of Carteret (the "Borough") acting in the capacity
of a redevelopment entity pursuant to the provisions of the Large Site
Landfill Reclamation and Improvement Law, N.J.S.A. 40A:12A-50 et
seq.(the "Landfill Law") and the Local Redevelopment and Housing Law,
N.J.S.A. 40A:12A-1, et seq., as amended and supplemented (the
"Redevelopment Law"), and Slayton Development, LLC ("Slayton') are
presently negotiating the terms of a redevelopment agreement to
redevelop all or part of the Carteret Landfill Reclamation Improvement
District; and
WHEREAS, the Redevelopment Law provides a process for municipalities
to participate in the redevelopment and improvement of areas in need of
redevelopment and the Landfill Law functions in a companion capacity
with regard to certain qualified lands; and
WHEREAS, pursuant to the Landfill Law the Borough has created a
Landfill Reclamation Improvement District and has adopted a
"redevelopment plan' as defined in the Redevelopment Law relating to a
certain area designated as the Carteret Landfill Reclamation Improvement
District (the 'District"); and
WHEREAS, the Borough is in the process of adopting an amended and
restated Redevelopment Plan for the District ("Redevelopment Plan"); and
WHEREAS, the Borough desires that the District be redeveloped in
accordance with the Redevelopment Plan; and
WHEREAS, the Borough and Bellemead Development Corp.
("Bellemead") are parties to a redevelopment agreement relating to a
portion of the District ("Bellemead Agreement"); and
WHEREAS, Slayton has contracted to assume Bellemead's rights under
the Bellemead Agreement and has requested the consent of the Borough
to such assignment; and
WHEREAS, as noted above, the Borough and Slayton are negotiating the
terms of a Redevelopment Agreement to redevelop ali or part of the
District in accordance with the requirements of the Redevelopment Plan,
which agreement would supercede the terms of the Bellemead
Agreement; and
Ji
02-46 PA(q~ 2
WHEREAS, the Borough has not formally adopted the Redevelopment
Plan and the parties have not yet reached agreement on the terms of the
Redevelopment Agreement, nor has the Borough consented to the
assignment from Bellemead to Slayton; and
WHEREAS, the Borough requires that Slayton reimburse the Borough's
costs associated with the adoption of the Redevelopment Plan, review of
Slayton's redevelopment proposal, drafting and negotiation of the
Redevelopment Agreement, structuring of financing alternatives for the
project addressed by the Redevelopment Agreement and all other costs
and expenses related to this matter prior to the execution of a
Redevelopment Agreement (collectively the "Redevelopment Process")
subject to certain terms and conditions; and
WHEREAS, the Borough and Slayton desire to enter into a formal
agreement setting forth the terms and conditions of said reimbursement to
the Borough for its costs associated with the Redevelopment Process.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of the
Borough of Carteret, County of Middlesex, State of New Jersey that the
Pre-Development Agreement between the Borough and Slayton, a copy of
which is attached hereto and made a part hereof, is hereby approved.
BE IT FURTHER RESOLVED that the Mayor and Borough Clerk are
hereby authorized and directed to execute the Pre-Development
Agreement on behalf of the Borough.
BE IT FURTHER RESOLVED, that the appropriate Borough Officials are
hereby authorized to implement the terms and conditions of said Pre-
Development Agreement.
Adopted this 31st day of January 2002,
and certified as a true copy of the
original on February I, 2002.
KATHLEEN MI. BARNEY
Municipal Clerk
PARISI X
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January 31, 2002