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Home My Public Portal AboutOrd. 23-14Orbinaurt No. #23-14 of tht orou of garkut, Councilman Presents the following Ordinance Seconded by Councilman _ AN ORDINANCE OF THE BOROUGH OF CARTE RE, AUTHORIZING THE EXECUTION AND DELIVERY OF A FINANCIAL AGREEMENT BY AND BETWEEN THE BOROUGH Or, CARTE RET AND 21 WASHINGTON CARTERET 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 seq.), 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 Washington Avenue Redevelopment Plan (the "Redevelopment Plan"); and WHEREAS, 21 Washington Carteret Urban Renewal, LLC (the "Redeveloper") is the fee title owner of certain real property commonly referred to as 21 Washington Avenue, 17 Locust Street and 21 Locust Street and identified as Block 6804, Lots 3, 8 & 9 on the official tax maps of the Borough (the "Property"), which property is located in the Redevelopment Area; and WHEREAS, on December 22, 2020, the Borough and the Redeveloper entered in that certain Redevelopment Agreement, as amended and supplemented by that certain Amendment No. 1 to Redevelopment Agreement, dated the date hereof (collectively the "Redevelopment Agreement") pursuant to which the Redeveloper shall construct on the Property a six (6) story mixed use project consisting of approximately one hundred fifty- three (153) market rate residential rental units, four thousand eight hundred eighty-five hundred (4,885) square feet of first floor commercial space, one hundred fifty-three (153) on -site parking spaces and such other improvements as set forth in the hereinafter defined Exemption Application (collectively, 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 er 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 tern 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. NO. #2" PAGE 2 of 2 NOW, THE, REFORE, 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 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 farther severally authorized and directed to (i) execute and deliver, and the Borough Clerk is hereby further autlmized 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., DeColiis, Fitzpatrick, Cole & Giblin, LLP, Special Redevelopment Counsel to the Borough. THIS LINE RECORD OF COUNCIL VOTE COUNCILMAN YES NO NV A.D. COUNCILMAN YES NO NV A.B. BELLINO X JOHAL DIAZ X KRUM X DIMASCIO X NAPLES X X-Indicale Vote AB -Absent NV -Not Voting XOR- Indicates Vote to Overrule Vclo Adopted on first rending of the Council of the Borough of Carteret, N.J., on Adopted on second reading after hearing on May 11, 2023 April 27, 2023 APPROVED BYON MratI LCL K 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: May 2, 2023 A J, /d ffi" Notary lic of New Jersey Z'K, OTERO NolaMM"Sion eofNewJersey Commission # 50.18.8983 M Comm. Ez Ires Mar. 31, 2027 Sworn and subscribed before me this gpICL day of / �0 #23-14 Municipal Clerk -INANCE OF THE BOROUGH OF CgITERET AUTHORIZING THE EXECUTION AND DELIVER' ,L AGREEMENT L, AND BETWEEN :THE BOROUGH OF GARTERET AND 21 WASHIt, URBAN RENEWAL, LLC". lance allows for the execution and delivery of a financial agreement between the Boroi tnd 21 Washinggton Carteret Urban Renewal, LLC. The foregoing ordinance was Introdu I of the Co rdIn of the Borou h of Carteret held April 27, 2023 when it was adopPted c :The said ordinance wig 6e further considered on second reading for final otlol sf said Council of the Borough of Carteret on May 11, 2023 approximately To' P.M. ran �n for the call fn process is on the Borough's webslte, www.<arteretnet at which ltli [erested will be given an opportunity to be heard. Carmeia Po orzelskl, RMC Municipal Clerk 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: Mav 17.2023 Carmela Pogoi<zelscil, C Municipal Clerk otary P96fic of New Jersey 1QMY1EN IFER OTERO Comms�slon+#15of 18 J, yComm. Ex Ires Mar. 31 2027 Sworn and subscribed before me this _17 '- day of g