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#23-205
Date of Adoption September 7 2023
RESOLUTION OF THE BOROUGH OF CARTE RET, IN THE
COUNTY OF MIDDLESEX, NEW JERSEY DESIGNATING
REDEVELOPER AND AUTHORIZING EXECUTION OF
REDEVELOPMENT AGREEMENT AND PURCHASE AND SALE
AGREEMENT WITH THE ONE RESIDENTIAL DEVELOPMENT
LLC IN CONNECTION THEREWITH
WHEREAS, the governing body. (the 'Borough Council") of the Borough of Carteret
(the `Borough") is authorized under the Local Redevelopment and Housing Law,
N.J.S.A. 40A:12A-1 et seq. (the "Redevelopment Law") to designated land located
within the Borough as area(s) in need of redevelopment; and
WHEREAS, the Borough Council, designated the properties identified as Block 402,
Lots 11, 12, 24 & 25 and Block 305 Lots 3, 4, & 5 on the Borough's official tax maps
(the "Redevelopment Area") as an "area in need of redevelopment"; and
WHEREAS, the Borough Council adopted a redevelopment plan for the Redevelopment
Area (as amended, the "Redevelopment Plan"); and
WHEREAS, the Borough owns the portion of the Redevelopment Area identified as
Block 402, Lots 24 and 25 on the, Borough's official tax map and (raving the street
address of 237 Roosevelt Avenue (together, the "Borough Parcel"); and
WHEREAS, two other parcels located within the Redevelopment Area, identified as
Block 402, Lots 11 and 12 on the official tax map of the Borough, are presently owned
by third parties (together, the "Additional Property" and, together with the Borough
Parcel, the "Project Area"), although the Borough is in the process of acquiring the
Additional Property; and
WHEREAS, The One Residential bevelopment LLC (the "Redeveloper") proposes to
acquire the Project Area and_ to redevelop same by constructing thereon a project
consisting of: (a) one 10 story building consisting of 8 stories of residential space over 2
stories of podium parking, including Approximately 171 apartments, tenant amenities and
rooftop space (the "Apartment Component") and (b) a one 8 story building, adjacent to
the Apartment Component, consisting of 6 stories of residential space over 2 stories of
podium parking, including approximately 160 senior studios, along with full kitchen and
dinning facilities, housekeeping services, social and physical space and programs, and
related amenities (the "Assisted Living Component" and, together with the Apartment
Component, the "Project"); and
WHEREAS, the Borough Council. desires to: (1) designate . Redeveloper as
"redeveloper" (as defined in the Redevelopment Law) of the Project Area, (2) authorize
the execution of a Redevelopment Agreement (the "Redevelopment Agreement") with
Redeveloper, which specifies terms of the redevelopment the Project Area and the
respective rights and responsibilities of the Borough and Redeveloper with respect to the
Project and the acquisition, condemnation and transfer of the Additional Property; and (3)
authorize the execution of a Purchase and Sale Agreement (tire "Purchase and Sale
Agreement") with Redeveloper, wlpclr sets forth the terms and conditions with respect to
the conveyance/acquisition of the Borough Parcel from the Borough to Redeveloper,
NOW, THEREFORE BE IT RESOLVED by the Borough Council of the Borough of
Carteret, in the County of Middlesex, New Jersey', as follows:
Section 1. The aforementioned recitals are incorporated herein as though fully
.set forth at length.
NO. #23-205
PAGE 2 of 2
Section 2. The Borough Council hereby authorizes the Mayor to execute, and
the Borough Clerk to attest, the Redevelopment Agreement, in
substantially the same form as that on file with the Borough Clerk
and which, by this reference is incorporated herein, with such
additions, deletions and modifications as may be necessary after
consultation with the Borough's professional consultants and the
Redeveloper.
Section 3. The Borough Council hereby authorizes the Mayor to execute, and
the Borough Clerk to attest, the Purchase and Sale Agreement, in
substantially the same form as that on file with the Borough Clerk
and which, by this reference is incorporated herein, with such
additions, deletions and modifications as may be necessary after
consultation with the Borough's professional consultants and the
Redeveloper.
Section 4. Upon execution of the Redevelopment Agreement, Purchase and
Sale Agreement, and the acquisition, by the Redeveloper, of the
entire Project Area, and so long as the Redevelopment Agreement
remains in full force and effect, the Redeveloper, is hereby
designated as the "redeveloper" of the Project Area in accordance
with the Redevelopment Law.
Section 5. This Resolution shall take effect immediately.
Adopted this 7ei day of September, 2023
and certified as a time copy of the
original on September 8, 2023.
CARMELA POGORZELSIQ, RMC
Municipal Clerk
RECORD OR COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.D.
COUNCILMAN
YES
BELLINO
X
JOHAL
X
DIAZ
X
-
Y ROM
JNONVA.D.
DIMASCIO
NAPLES
X-Yndicate Vote A➢ - Absent NV - Not Voting XOR- Indicates Vote to Overrule
Veto
Adopted at a meeting of the Municipal Council
_Septeatiber 7, 023
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