HomeMy Public PortalAboutr 22-159�Rnofufiou of # e Pozoug4 of (gartt -r l
No. #22 -159 Dale of Adoption July 21, 2022
RESOLUTION OF THE BOROUGH OF CARTERET
AUTHORIZING THE TRANSFER OF THE PROJECT
LOCATED AT 36 WASHINGTON AVENUE FROM
CARTERET LOFTS URBAN RENEWAL, LLC TO LIVING
CARTERET URBAN RENEWAL, LLC, VILLA CARTERET
URBAN RENEWAL, LLC AND RK CARTERET URBAN
RENEWAL, LLC, AS TENANTS IN COMMON
WHEREAS, on September 18, 2018, the Borough and Carteret Lofts Urban Renewal,
LLC (the "Redeveloper") entered into that certain redevelopment agreement (the
"Redevelopment Agreement ") for a mixed use project on real property commonly known
as 36 Washington Avenue, Carteret, New Jersey and identified on the tax maps of the
Borough as Block 6502, Lot 1 (the "Project"); and
WHEREAS, in 2019 the Borough and the Redeveloper entered into that certain financial
agreement (the "Financial Agreement" and together with the Redevelopment Agreement,
the "Agreements ") whereby the Borough granted a tax exemption to the Redeveloper for
the Project; and
WHEREAS, the Redeveloper is seeking to transfer the Project "and assign the
Agreements to Living Carteret Urban Renewal, LLC, Villa Carteret Urban Renewal, LLC
and RK Carteret Urban Renewal, LLC, as tenants in common (collectively, the
"Assignee "); and '
WHEREAS, Redeveloper and the Assignee have requested the Borough's consent to the
transfer of the Project and the assignment and asmnption of the Agreements; and
WHEREAS, the Borough desires to approve the transfer of the Project from the
Redeveloper to the Assignee and to enter into that certain Assignment and Assumption
Agreement in the form attached hereto as Exhibit A.
NOW, THEREFORE, BE IT RESOLVED as follows:
Section 1. The Borough hereby consents to and approves of the transfer of the
Project from the Redeveloper to the Assignee.
Section 2. The Assignment and Assumption Agreement is hereby authorized
to be executed and delivered on behalf of Lire Borough by either the
Mayor, Chief Financial Officer or Director of Law (each an
"Authorized Officer "), in substantially the form attached hereto,
with such changes as an Authorized Officer, in its 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.
Section 3. The Borough Clerk is hereby authorized and directed, upon the
execution of each of the Assignment and Assumption Agreement
in accordance with the terms of Section 2 hereof, to attest to the
Authorized Officer's execution of the Assignment and Assumption
Agreement and is hereby further authorized and directed to
thereupon affix the seal of the Borough.
EXHIBIT A
FORM OF ASSIGNMENT
AND ASSUMPTION AGREEMENT
No. #22 -159
PAGE 2 of 2
Section 4. The Authorized Officers are each hereby further authorized to
perform any act, execute or acknowledge and deliver any other
document, instrument, agreement, deed or certificate, which the
Authorized Officer, after consultation with the Borough
Consultants, deems necessary, desirable or convenient and the
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. All actions of the Authorized Officers and the Borough
Consultants taken prior to the date of adoption hereof in
connection herewith are hereby ratified and approved.
Section 6. Upon the adoption hereof, the Borough Clerk shall forward
certified* copies of this resolution to Matthew C. Karrenberg, Esq.,
DeCotiis, EitzPatrick, Cole & Giblin, LLP, Special Redevelopment
Counsel to the Borough.
Adopted this 21" day of July, 2022
and certified as a true copy of the
original on July 22, 2022.
CARMELA POGORZELSKI, RMC
Municipal Clerk
RECORD Or COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.B.
COUNCILMAN
YES
NO
NV
A,B,
BELLINO
X
JOIIAL
X
DIAZ
X
DINASCIO
X
NAPLES
X
X- Indicate Vote AB- Absent NV -Not Vining XOR- Indicates Vote to Overrule Veto
Adopted at a meeting of the Municipal Council J ly 21, 2 22