HomeMy Public PortalAboutOrd. 23-01Orbinaurt
No. #23-1 of f 4le
19oroug4 of aurteret,
Councilman Presents the following Ordinance Seconded by Councilman
1.
AN ORDINANCE OF THE BOROUGH OF CARTERET
AUTHORIZING THE EXECUTION AND DELIVERY
OF A FINANCIAL AGREEMENT BY AND BETWEEN
THE BOROUGH OF CARTERET AND CARTERET
LOFTS II URBAN RENEWAL, LLC
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 property 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 property, 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
Locust -Roosevelt Redevelopment Plan for the Redevelopment Area (the "Redevelopment
flan.'); and
WHEREAS, Carteret Lofts lI Urban Renewal, LLC (the "Redeveloper") shall be the fee
title owner of property identified on the Borough's tax map as Block 6505, Lots 1, 2, 3, 4,
5, 6, 7, 8, 9, 10, 11,19, 20, 21, 22, 23, 24, 25, 26, 27, 28 and 29 (the "Property"); and
WHEREAS, the Redeveloper shall construct on the Property a six -story, mixed -use
multifamily building consisting of approximately (i) with 316 apartment rental units, (if)
ancillary retail, (iii) and structured parking (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 "Tax Exemption
Law", as codified in N.J,S.A. 40A:20-1 et seq.), the 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 term 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
sole discretion, after consultation with such counsel and any
NO. #23-1 PACE 2 of 2
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.
DO NOT USE SPACE BELOW THIS LINE
RECORD OF COUNCIL VOTE
COUNCILMAN
YES
NO
NV
TAB,
COUNCILMAN
YES
NO
NV
A.B.
BELLINO
X
JOHAL
X
DIAZ
X
KRUM
X
DIMASCIO
X
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 January 19, 2023
'..
F2bruary 2, 2023
Adopted on second reading after hearing on
APPROVED
s r
MAY
ON
naom AC LERK
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:
January 24.2023
3r
%4
Carmela Pogorzelski, AMC
Municipal Clerk
Notary blic of New Jersey
JE NIF-S .OT�
Notary Publ� - State of New Jersey
Co
mmisslon # 50.18.8983
M Comm, Ex Tres Mar. 31 n27
Sworn and subscribed before
me this day of�)j o ' i1
t
The following is a true copy of an Ordinance or Resolution of
the Borough of Carteret that has appeared in the Rome 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:
February 7, 2023
J
Nota►� ublic of New Jersey
IQJE NIFER K. "'R0
NotaryFvWk-Slate of New Jersey
Commission q 50.18.8983
MY Comm, Ex Ues Mar, .8 2027
Sworn and subscribed before
me this day ofr_>., t2, V.r 1 � 01
C` I
Municipal Clerk
ORDINANCE #23-1
"AN INGA FINANCIALNCE AGREEMENT12BY AND ETWEEN THE BOEL
ROUGH OoF
CARTERET AND CARTERET LOFTS URBAN RENEWAL, LLC"
APPROVED AND ADOPTED:FEBRUARV 2, 2023
INTRODUCED:JANUARY [ 9,2023
Advertised as Adopted on First 'a 'In
with notice of Public HearingaANUARY 24, 2023
Hearing Held: FEBRUARV 2, 2023
Advertiseda s FI ally Ad Adopted: FEBRUARIEL J. V 7, 2023
Carmela Po orzelskl, RMC
($14.04) Municipal Clerk