HomeMy Public PortalAboutOrd. 22-29Orbinaurt
No. #22-29 of t4Q
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Councilman Presents the following Ordinance Seconded by Councilman
AN ORDINANCE OF THE BOROUGH OF CARTE RE'
AUTHORIZING THE EXECUTION AND DELIVERY OF
AMENDMENT NO. 1 TO FINANCIAL AGREEMENT WITH KTR
NJ URBAN RENEWAL LLC
WHEREAS, on August 16, 2006, Titan-PDC Carteret Urban Renewal, LLC ("Titan")
and the Borough entered into that certain Financial Agreement (the "Original Financial
Agreement") governing the real property commonly known as 8001-8005 Industrial
Avenue, Carteret New Jersey and identified on the Borough's tax map as Block 705, Lots
20.01 and 20.O1X (the "Property"); and
WHEREAS, in April 2011, Titan sold the Property to KTR NJ Urban Renewal LLC (the
"Entity") and Titan, the Entity and the Borough entered into that certain Assignment and
Assumption Agreement whereby Titan, inter atia, assigned all of its rights and interest in
the Original Financial Agreementtothe Entity; and
WHEREAS, the Borough and the Entity desire to extend the term of the Original
Financial Agreement such that it shall remain in effect until thirty (30) years from the
date the Project was completed; and
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. Amendment No. I to Financial Agreement is hereby authorized to
be executed and delivered on behalf of the Borough by either the
Mayor, Chief Financial Officer or Director of Law (each an
"Authorized Officer"), in substantially the form attached hereto as
Exhibit A, 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"), deems necessary, desirable or convenient in such
Authorized Officer's sole discretion.
Section 2. The Borough Clerk is hereby authorized and directed, upon the
execution of Amendment No. 1 to Financial Agreement in
accordance with the terms of Section 1 hereof, to attest to the
Authorized Officer's execution of Amendment No. 1 to Financial
Agreement and is hereby further authorized and directed to.
thereupon affix the seal of the Borough.
Section 3. 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 4.. 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 5. This Ordinance shall take effect upon final passage and publication
in accordance with applicable law.
NO, #22-29 2 of 2
PAlrP
RECORD OF COUNCIL VOTE
UNCILMAN
YES
NO
NV
A.B.
COUNCILMAN
YES
NO
NV
A.B.
O
X
JOHAL
X
X
KRUM
X
FDIIO
X
NAPIES
X
X- Indicate Vote AB -Absent NV -Not Voting XOR - Indicates Vote to Overrate Velo
Adopted on first reading of the Council of the Boroueh of Carteret, N.Y.,December 8, 2022
-on
Adopted on second reading after hearing on Dell ll ber 29 2022
APPROVED BY
,° v., MAYOR 1
EXHIBIT A
FORM OF AMENDMENT NO.1 TO FINANCIAL AGREEMENT
AFFIDAVIT OF PUBLICATION
The following is a true copy of an Ordinance or Resolution of
the Borough of Carteret that has appeared in the Home News
Tribune, a newspaper which is printed in Freehold, New
Jersey and published in Neptune, in said County and State and
of general circulation in said county. One 1 time(s), once in
each issue as follows:
December 13, 2022
n
Notary ublic of New Jersey
JENNIFER K.0 0
Notary"
u 11 • State of New Jersey
Commisslon # 50-18.8983
My Comm. Ex Ives Mar, 31 2027
Sworn and subscribed before
me this
Municipal Clerk
ORDINANCE#22-29 j
This ordinance authorizes the execution
meat 61 to the KTR NJ Urban Renewal, U.0
Was
on
($18.92) ,
at
rtunity to be heard.
Carmela Po9orrelsk
MuXf—
AFFIDAVIT OF PUBLICATION
The following is a true copy of an Ordinance or Resolution of
the Borough of Carteret that has appeared in the Home News
Tribune, a newspaper which is printed in Freehold, New
Jersey and published in Neptune, in said County and State and
of general circulation in said county. One 1 time(s), once in
each issue as follows:
Januga 4, 2023
Municipal Clerk
"AN OF
OF7
Notary lie of New Jersey APPROVE
INTRODU
Advertise
IQJENNIFER K.OTERO
11
018 FUbllc • Slate of New Jersey
Commission # 50.18.8983
My Comm. Ex Tres Mar, 31 2027
Sworn and subscribed before
me this t day of 0*") ;
ORDINANCE #22 29
AND ADOPTED. DECEMBER 29, 2022
9D: ,..DECEMBER 8, 2022
as Adopted on FFrst Reading
of Pubic Hearin9:: DECEMBER 13. 2022
Id: OECEMBER 29, 2022
y: - MAYOR DANIEL J.
REIMAa
as Finally Adopted: ANUARY 4,.2023
Carmela Pogorzelskl, RMC
Municipal Clerk