HomeMy Public PortalAboutr 05:229
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No. #0'1-77Q
Date of Adoption .J1I1 y 21. 2005
AUTHORIZING THE TRANSFER OF TITLE TO BLOCK 5.1, LOT 2
WHEREAS, by Ordinance #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") submitted to the governing body a redevelopment project proposal
for a portion of the CWRD, more specifically, Block 5.1; 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
Redevelopment Plan; and
WHEREAS, on March 6, 2003, by Resolution #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, by Resolution #03-200, adopted on July 9, 2003, the governing body
approved the formal agreement between the Borough and Meridian for the above
referenced redevelopment project ("Redevelopment Agreement"); and
WHEREAS, pursuant to the provisions of the Redevelopment Agreement, the Borough
is obligateè to acquire title to any privately held properties amongst the above referenced
lots and tra! sfer the same to Meridian, should Meridian be unable to directly acquire title
to the same; and
WHEREAS, the provisions of said Agreement require the Borough to use its powers of
eminent domain to acquire title to said property should that become, necessary; and
WHEREAS, Meridian has previously advised the Borough that despite its best efforts it
has been unable to negotiate the acquisition of Block 5.1, Lo~ 2; and
WHEREAS, the Borough previously authorized the acquisition of the above-referenced
real property, known as Block 5.1, Lot 2, pursuant to Ordinance #03-50, including
exercising the Borough's powers of eminent domain for that purpose should it become
necessary; and
WHEREAS, the Borough instituted condemnation proceedings in the Superior Court of
New Jersey, Middlesex County, under Docket No. MID-L-1039-05, to acquire said
parcel; and
WHEREAS, the Borough has acquired title to said parcel pursuant to the recording of a
Declaration of Taking, recorded on March 11, 2005, and in accordance with an Order for
Final Judgment, entered on April 6, 2005, in the above entitled action; and
WHEREAS, pursuant to the above-referenced Redevelopment Agreement the Borough
is obligated to transfer title to said parcel to Meridian Terrace, LLC; and
WHEREAS, Meridian Terrace, LLC, has assigned its interest in said Redevelopment
Agreement to Meridian II, said assignment having been approved by the Borough
pursuant to a modification to the Redevelopment Agreement authorized by Resolution
# 05-192, adopted on June 2, 2005.
NO. #05-229
PAGE 2 of 2
NOW THEREFORE BE IT RESOLVED by the Mayor and Council of the Borough of
Carteret, County of Middlesex and State of New Jersey as follows:
1. That the appropriate Borough Officials, including the Mayor, Borough Clerk
and Borough Attorney, be and are hereby authorized and directed to take any
and all action, including, but not limited to, the preparation and execution of
any and all documents, necessary to transfer title to the above-described real
property, identified as Block 5.1, Lot 2 on the Tax Map of the Borough of
Carteret, as acquired by the Borough pursuant to the condemnation
proceedings filed in the Superior Court of New Jersey, Middlesex County,
baring Docket No. MID-L-I039-05, to Meridian II, all in accordance with
the terms of the Redevelopment Agreement between the parties.
2. That the Borough's Finance Department is authorized to refund any excess
funds posted by Meridian II, or its predecessor-in-interest, for the value of
the land acquisition for the above parcel, upon payment of any and all
professional fees related to said acquisition.
3. That a copy of this Resolution be forwarded to the Borough Attorney.
Adopted this 2151 day of July, 2005
and certified as a true copy of the
original on July 22,2005.
KATHLEEN M. BARNEY, RMC/CMC
Municipal Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN
YES NO NV A.B.
COUNCILMAN
YES NO NV A.B.
RIDS
x ~ Indicate Vote AB - Absent NV - Not Voting XOR - Indícates Vote to Overrule Veto
c
Adopted at a meeting of the Municipal Council
-¥-~' 2005
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