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Home My Public Portal AboutOrd. 22-22Orbinaure No. #22 -22 laf the 19 nrvug4 of Tar#ex #, Councilman Presents the following Ordinance Seconded by Councilman AN ORDINANCE OF THE BOROUGH OF CARTERET AUTHORIZING THE EXECTION AND DELIVERY OF A FINANCIAL AGREEMENT BY AND BETWEEN THE BOROUGH OF CARTERET AND ROOSEVELT INVESTMENTS, LLC OR ITS URBAN RENEWAL ENTITY ANTILIATE WHEREAS, pursuant to the Redevelopment and Housing Law, constituting Chapter 79 of the Pamphlet Laws of 1992 of the State, and the acts amendatory thereof and supplemental thereto (the "Redevelopment Law ", as codified in N.J.S.A. 40A:12A -1 et seer .), a municipality may sell, convey or lease any of its properly'to a redeveloper for the purpose of clearance, re- planning, development and redevelopment of a redevelopment area provided that the sale, conveyance or lease in made in conjunction with a redevelopment plan; and WHEREAS, the Council of the Borough of Carteret, a municipal corporation in the County of Middlesex and the State of New Jersey (the `Borough "), in accordance with the Redevelopment Law, has designated certain properly, including the Property (as such term defined below) as an area in need of redevelopment (the "Redevelopment Area "); and WHEREAS, in accordance with the Redevelopment Law, the Borough adopted the Hilltop Redevelopment Plan forth the Redevelopment Area (the "Redevelopment Plan "); and WHEREAS, Roosevelt Investments, LLC (the "Redeveloper "), or its urban renewal entity affiliate shall be the fee title owner of property known as 606 and 612 Roosevelt Avenue, Carteret, New Jersey and identified on the Borough's tax map as Block 5904, Lots 13 and 14 (the "Property "); and WHEREAS, the Redeveloper shall construct on the Property twenty (20), two (2) bedroom townholue rental units consisting of four (4), three (3) story buildings, with five (5) units per building and customary site improvements (the "Project "); and WHEREAS, pursuant to and in accordance with the provisions of the Long Term Tax Exemption Law of 1992, constituting Chapter 431 of the Pamphlet Laws of 1991 of the State, and the acts amendatory thereof and supplemental thereto (the "'Fax Exemption Law ", as codified in N.J.S.A. 40A:20 -1 etse9.), fire Borough is authorized to provide for tax abatement within a redevelopment area and for payments in lieu of taxes; and WHEREAS, the Redeveloper has submitted an application to the Borough for the approval of the Project, as such term is defined herein, as an urban renewal project, as such term is used in the Tax Exemption Law, all in accordance with N.J.S.A. 40A:20 -8 (the "Exemption Application ", a copy of which is on file with the Borough Clerk); and WHEREAS, the Borough and the Redeveloper have reached agreement with respect to, among other things, the terms and conditions relating to the Annual Service Charges, as such tern is defined herein, for the Property and desire to execute the Financial Agreement. NOW, THEREFORE, BE IT ORDAINED AND ENACTED by the Borough Council of the Borough of Carteret, County of Middlesex, New Jersey, as follows: Section 1. The Exemption Application is hereby accepted and approved. Section 2. The Financial Agreement is hereby authorized to be executed and delivered on behalf of the Borough by either the Mayor, the Chief Financial Officer or the Director of Law (each an "Authorized Officer ") in substantially the form attached hereto as Exhibit A, with such changes as an Authorized Officer, in their respective NO. #22 -22 PAGE 2 of 2 sole discretion, after consultation with such counsel and any advisors to the Borough (collectively, the "Borough Consultants ") shall determine, such determination to be conclusively evidenced by the execution of the Financial Agreement by an Authorized Officer as determined hereunder. The Borough Clerk is hereby authorized and directed to attest to the execution of the Financial Agreement by an Authorized Officer of the Borough as determined hereunder and to affix the corporate seal of the Borough to the Financial Agreement. Section 3. The Authorized Officers of the Borough are hereby further severally authorized and directed to (i) execute and deliver, and the Borough Clerk is hereby further authorized and directed to attest to such execution and to affix the corporate seal of the Borough to, any document, instrument or certificate deemed necessary, desirable or convenient by the Authorized Officers or the Borough Clerk, as applicable, in their respective sole discretion, after consultation with the Borough Consultants, to be executed in connection with the execution and delivery of the Financial Agreement and the consummation of the transactions contemplated thereby, which determination shall be conclusively evidenced by the execution of each such certificate or other document by the party authorized hereunder to execute such certificate or other document, and (ii) perform such other actions as the Authorized Officers deem necessary, desirable or convenient in relation to the execution and delivery thereof. Section 4. This ordinance shall take effect upon final passage and publication as required by law. Section 5. Upon final adoption hereof, the Borough Clerk shall forward certified copies of this Ordinance to Matthew C. Karrenberg, Esq., DeCotiis, Fitzpatrick, Cole & Giblin, LLP, Special Redevelopment Counsel to the Borough. M RECORD OT COUNCIL VOTE COUNCILMAN A.D. COUNCILMAN YES NO NV A.B. BELLINO JORAL X DIAZ jWM�SNOtNV DIMASCIO NAPLES X X- Indicate Vote AB- Absent NV -Not Voting XOR- Indicates Vote to Overrule Veto Adopted on first reading of the Council of the Borough of Carteret, N.J., on August 11, 2022 Adopted on second reading afterhearing on AU ust 2.5, 2022 APPROVED MAY ON MUNICIPAECLE'4. f� i AFFIDAVIT OF PUBLICATION The following is a true copy of an Ordinance or Resolution of the Borough of Carteret that has appeared in the Star Ledger, a newspaper which is printed in Newark, New Jersey and published in Essex County, of general circulation in said county and state. One 1 time(s), once in each issue as follows: August 16, 2022 otary blic of New Jersey IQJEN IFER , DTERO Notazy PutlIq. Stale of New Jersey Commisslon # 50.18.8983 MV Comm, Ex Ires Mar, 31 2027 Sworn and subscribed before me this day of 4 Car ela Pogo e s ' Municipal Clerk ORDINANCE #22-22 AUTHORIZING THE EXECUTION AND DELIVERY OF FINANCIAL AGREEMENT BY AND BETWEEN THE BOROUGH OF CARTERET AND ROOSEVELT INVESTMENTS, LLC OR ITS URBAN RENEWAL ENTITY AFFILIATE This Ordinance authorizes Ithe Borough to enter Into fi- nancial agreements for !properties within the Hilltop Redevelopment Plan. :The foregoing Ordinance :was introduced at a meeting !of the Council of the Bor- ough of Carteret held August 111, 2022 when it was adopted on First Reading. The said Ordinance will be further considered on Second Read- ing for Final Adoption at a meeting of said Council of the Borough of Carteret on August 25, 2022 at approxi- mately 6:00 p.m., remotely, at which time all persons in- terested will be given an op- portunity to be heard. Infor- mation for the call in proc- ess is posted on the Bor- Ough's website, www.carteret,net. Carmela Pogorzelski, RMC Municipal Clerk 8/16/22 W.80 AFFIDAVIT OF PUBLICATION The following is a true copy of an Ordinance or Resolution of the Borough of Carteret that has appeared in the Star Ledger, a newspaper which is printed in Newark, New Jersey and published in Essex County, of general circulation in said county and state. One 1 time(s), once in each issue as follows: August 31, 2022 A A ;66111, Notary P is of New Jersey Notmy Pu61k • Stale of New Jersey Commisslon # 50.18.8983 My Comm. Expires Mar. 31, 2027 Sworn and subscribed before me this 3 1 s� day of Carmela Pogorzcls i, C Municipal Clerk ORDINANCE #22-22 "AN ORDINANCE AUTHORIZ- ING THE EXECUTION AND DE- LIVERY OFAFINANCIAL AGREEMENT BY AND BE- TWEEN THE BOROUGH OF CARTERET AND ROOSEVELT INVESTMENTS, LLC OR ITS URBAN RENEWAL ENTITY AF- FILIATE" '.APPROVED AND ADOPTED: AUGUST 25, 2022 '.INTRODUCED: AUGUST 11, 2022 Advertised as Adapted on First Reading with notice of Public Hear- 'ing: AUGUST 16, 2022 ',Hearing Held: AUGUST 25, 2022 ;Approved By: MAYOR DAN- '.IEL 1. REIMAN Advertised as Finally Adopt- ed: AUGUST 31,2022 Carmela Pogoraelsld, RMC Municipal Clerk PUBLISH: AUGUST31,2022 Star Ledger 8/31/22 $39.78