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Date ot'Actoption July 9. 2003
AUTHORIZING MAYOR TO EXECUTE REDEVELOPMENT
AGREEMENT WITH MERIDIAN TERRACE, LLC
WHEREAS, by Ordinance No. 03-07, adopted on February 6, 2003, the Borough
of Carteret (the "Borough") adopted the Redevelopment Plan for the
redevelopment of the Chrome Waterfront Redevelopment District ("CWRD");
and
WHEREAS, Meridian Terrace, LLC, 90 Woodbridge Center Drive, Woodbridge,
NJ 07095, ("Meridian") has submitted to the governing body a redevelopment
project proposal for a portion of the CWRD, more specifically, Block 5.01; Lots
1.2, 1.3 and 2, said area consisting of approximately 5.5 acres; and
WHEREAS, Meridian's proposed redevelopment project is consistent with the
development standards set forth in the Redevelopment Plan; and
WHEREAS, on March 6, 2003, by Resolution No. 03-100, the governing body
designated Meridian as the redeveloper for the above described properties, subject
to the negotiation and execution of a formal Redevelopment Agreement between
the Borough and Meridian with regard to the proposed redevelopment project;
and
WHEREAS, the Mayor, on behalf of the governing body, has negotiated an
agreement with representatives of Meridian setting forth the terms and conditions
pursuant to which the proposed redevelopment project shall be undertaken; and
WHEREAS, the parties wish to enter into a formal Redevelopment Agreement
for the proposed project.
NOW, THEREFORE BE IT RESOLVED by the Mayor and Council of the
Borough of Carteret as follows:
1. That the Redevelopment Agreement between the Borough
and Meridian governing the redevelopment of the above-
referenced parcels as part of the CWRD is hereby approved.
2. That the Mayor be and is hereby authorized to execute the
formal Redevelopment Agreement on behalf of the
Borough in a form acceptable to the Borough Attorney.
Adopted this 9th day of July, 2003
and certified as a true copy of the
original on July 10, 2003.
KATHLEEN M. BARNEY
Municipal Clerk
RECORD OF COUNCIL VOTE
.'< - Indicate Vote AB - Absent NV - No; Voting XOR - Indicates Vote to Overrule Veto
at a ~neeting of thc Municipal Council
CLERK