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#22-192 (miss -listed as #22-182)
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CONDITIONALLY DESIGNATING RE, DCO PROPERTY COMPANY, LLC
AS THE REDEVELOPER FOR A PORTION OF THE WEST CARTERET
MINUE STREET RETAIL REDEVELOPMENT PLAN PHASE I and
A PORTION OF THE WEST CARTERET MINUE STREET
REDEVELOPMENT PLAN PHASE II
WHEREAS, the Borough of Carteret has previously adopted the West Carteret Minue
Street Retail Redevelopment Plan Phase I and the West Carteret Minue Street
Redevelopment Plan Phase lI which include the following parcels of real property, and
others:
Block 2702, Lot 25 - identified as Phase I
Block 2706, Lots I & 2 — identified as Phase II; and
WHEREAS, based upon an initial evaluation of the Redco Property Company, LLC,
("Redco"), or its wholly affiliated entity, by the Borough's planning consultant for the
project, Beacon Planning and Realty Advisors, LLC, the Borough desires to conditionally
designate Redco as the Redeveloper of the above property for the purposes of continuing
discussions with said entity regarding the proposed redevelopment project, soliciting
supplemental information with regard thereto and, further, entering into negotiations with
said entity regarding the terns and conditions of a formal redevelopment agreement for
the redevelopment of the property.
NOW THEREFORE, BE IT RESOLVED by the Mayor and Council of the Borough
of Carteret, County of Middlesex, State of New Jersey, as follows:
That Redco is hereby, conditionally designated as the Redeveloper for the
above listed properties for a period of ninety (90) days for the foregoing
purposes, said designation being conditioned upon the sole and exclusive
discretion of the Borough to finalize negotiations and enter into a formal
Redevelopment Agreement with Redco, setting forth the terns and
conditions of an approved redevelopment project for said properties.
2. That the Mayor, Borough Attorney, and any named Special
Redevelopment Counsel, are hereby authorized to negotiate the terns and
conditions of a redevelopment agreement as provided for herein.
That said conditional designation is additionally contingent upon Redco
agreeing to reimburse the Borough for any and all costs associated with
the Borough's further evaluation of Redco' qualifications and its proposed
redevelopment project and the negotiation of a formal redevelopment
agreement between the Borough and Redco with regard to the same. Said
costs shall include, but not limited to, the cost of any and all professional
consultants retained by the Borough to review any presently submitted
materials and any supplemental materials, and/or to assist the Borough in
negotiations of a formal redevelopment agreement, to the extent there any
such costs.
4. That said designation may be extended at the sole and exclusive discretion
of the Borough in the interest of furthering the desired redevelopment of
the above property.
22, 2022
NO.#22-192 (miss -listed as #22-182) PAGE 2 of 2
5. That the Appropriate Borough Officials are hereby authorized and directed
to take any necessary actions to effectuate the purposes contemplated
herein, including, but not limited to, the execution of a formal
redevelopment agreement with Redco.
Adopted this 22nd day of September, 2022
and certified as a true copy of the
original on September 23, 2022.
CARMELA POGORZELSKI, RMC
Municipal Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN
YES
NO
NV
ADD.
COUNCILMAN
YES
NO
NV
A.B.
BELLINO
X
JOHAL
X
DIAZ
X
DINASCIO
X
NAPLES
X
X- indicate Vote An - Absent NV - Not Voting XOR- Indicates Vote to Overrule Veto
Adopted at a meeting of the Municipal Councils
September 2, 2022
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