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No. #24-9 Date of Adoption January 2 2024
RESOLUTION OF THE BOROUGH OF CARTERET APPROVING TRANSFER
OF PROJECT AGREEMENTS FROM CARTERET BUSINESS PARTNERSHIP
TO BUTTER CONSTRUCTION AND ENGINEERING, INC, REGARDING
REDEVELOPMENT OF,PORTION OF HILLTOP II REDEVELOPMENT AREA
WHEREAS, the Council (the "Borough Council") of the Borough of Carteret (the "Borough'), by
Resolution No. 19-57, adopted on March 21, 2019, designated the properties known as Block 5802, Lots
10, 19, 20, 21, 22, 23, 24,25 and 30, and Block 6411, Lots 7, 8, 9, 10 and 11 on the Borough's tax map (the
"Hilltop II Redevelopment Area") as an area in need redevelopment under the Local Redevelopment and
Housing Law, N.J.S.A. 40A:12A-1 et sea. (the "Redevelopment Law"); and
WHEREAS, on May 2, 2019, by Ordinance 19-9, the Borough adopted a redevelopment plan for the
Hilltop II Redevelopment Area, entitled "Hilltop II Redevelopment Plan" (the "Redevelopment Plan");
and
WHEREAS, on July 29, 2022, the Borough and the Carteret Business Partnership (the "CBP") entered late
a Redevelopment Agreement (the "Redevelopment Agreement") and Purchase and Sale Agreement
("PSA"), under which the CBP will acquire the portion of the Hilltop II Redevelopment Area consisting of
Block 6411, Lots 8, 9, 10 and l I (the "Project Area") to the CPB, and the CBP will redevelop same by
constructing thereon a multi -family. residential project and supportive commercialfretail space (the
"Project"); and
WHEREAS, the Borough desires to approve the assignment of the Redevelopment Agreement and PSA
from the CBP to Butter Construction and Engineer, Inc. (together, with any successors, assigns or affiliates
thereof, "Butter"), who will assume the rights and obligations of the CPB under such documents to acquire
the Project Area and construct the Project, subject to any specific obligations retained by CBP.
NOW, THEREFORE, BE AND IT IS HEREBY RESOLVED by the Mayor and Council of Borough of
Carteret, in the County of Middlesex and the State of New Jersey, as follows:
Section L The aforementioned recitals are incorporated herein as though set
forth at length herein.
Section 2. The transactions contemplated in the Redevelopment Agreement
and PSA are hereby approved on the terms set forth therein, the
transfer of the above -referenced project agreements from the CBP
to Butter is hereby approved mud the Mayor is hereby authorized to
execute any and all documents necessary to effectuate the terms
and provisions of the Redevelopment Agreement and PSA and the
transfer of same from CPB to Butter.
Section 3. This Resolution shall lake effect immediately.
Adopted this 2"a day of January, 2024
and certified as a true copy of the
original on January 3, 2024.
CARMELA POGORZELSKI, RMC
Municipal Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.B.
COUNCILMAN
YES
NO
NV
A.B.
BELLINO
X
JOHAL
X
DIAZ
X
KRUM
DIMASGIO
X
NAPLES
X- Indicate Vote AB - Absent NV -Not Voting XOR- Indicates Vote to Overrule Veto
Adopted at a meeting of the Municipal Council
Jarmary 2 20
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