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Home My Public Portal AboutOrd. 23-24Orbinanct No. #23-24 of 4l. Plarlaq4 of Councilman Presents the following Ordinance Seconded by Councilman AN ORDINANCE OF THE BOROUGH OF CARTERET AUTHORIZING THE EXECUTION AND DELIVERY OF A FINANCIAL AGREEMENT BY AND BETWEEN THE BOROUGH OF CARTERET AND PERSHING COMMONS 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 sue.), a municipality may sell, convey or lease any of its property tea 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 Hilltop Redevelopment Plan (tire "Redevelopment Plan"); and WHEREAS, Pershing Commons Urban Renewal, LLC (the "Redeveloper") is the fee title owner of certain real property commonly referred to as 587-593 Roosevelt Avenue and identified as Block 5806, Lots 12, 13 & 14 on the official tax maps of the Borough (the "Property"), which property is located in the Redevelopment Area; and WHEREAS, on January 20, 2022, as authorized by Resolution 21-262 adopted by the Borough on December 30, 2021, the Borough and the Redeveloper entered in that certain Redevelopment Agreement (the "Redevelopment Agreement"), whereby the Redeveloper shall construct on the Property twenty-seven (27) one bedroom residential rental units consisting of fourteen (14) market rate units (the "Market Rate Units") and thirteen (13) housing rental units restricted to tenants whose income is no less than (80%) of the average median income for the housing region that includes the Borough (the "Income Restricted Units") and twenty-seven (27) on -site parking spaces (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 of 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 (lie 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 (tine "Exemption Application", a copy of which is on file with the Borough Clerk); and WHEREAS, the Borough and the Reil6veloper have reached agreement with respect to, among other things, the terms and conditions relating to the Amoral Service Charges, as such tern is defined herein, for the Property and desire to execute the Financial Agreement. NO. #23-24 PAGE NOW, THE, 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 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 Jaime R. Placek, Esq., DeCotiis, FitzPatrick, Cole & Giblin, LLP, Special Redevelopment Counsel to the Borough. RECORD OF COUNCIL VOTE COUNCILMAN YES NO NV A.B, COUNCILMAN YES NO NV A.B, BELLINO X JOHAL X DIAZ X - KRUM X DIMASCIO X �NAPLES X X-Indicatevote AB -Absent NV -Not Voting NOR -Indicates Vote to Overrule Veto Adopted on first reading of the Council of the Borough of Carteret, N.J., on Adopted on second reading after hearing on —December 7 2023 November 20. 2023 APPROVED BY ON AIUNICIP k LERx kb 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: November 28, 2023 ar `ela Pog i4el ', RM Municipal Clerk 4- of New Jersey Sworn andiubscribed before me this ?$ day of NMjo jyry'A.3 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 14, 2023 Municipal Clerk � . awe o Nota y ublic of New Jersey QJENNIFER K. OTERO tary F'uhllc • Stale of New Jersey Commisslon # 50-18.8983Comm. Ex Tres Mar. 31 2027 Sworn and subscribed before me this 1NI" day of jou"&4 �Uao