HomeMy Public PortalAboutr 06:197
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No 06-197
Date of Adoptjon---1Y~~006
RESOLUTION OF THE BOROUGH OF CARTERET
REGARDING THE PROJECT AGREEMENTS
IN CONNECTION WITH THE PHASE I
REDEVELOPMENT PROJECT
\VIIEREAS, on August ¡, 1995, pursuant to and in accordance with the provisions of the
Landfill Reclamation Improvement District Law, constituting Chapter 173 of the
Pamphlet Laws of 1995 of the State of New Jersey (the "State"), and the acts amendatory
thereof and supplemental thereto (the "Landfill Law", as codified in N.J.S.A. 40A:12A-
50 ~ gg.), the Borough finally adopted Ordinance 95-40 which established a landfill
reclamation improvement district consisting of certain real property in the Borough as
identified in such ordinance (the "Initial District"); and
\VHEREAS, pursuant to the Landfil1 Law, the Borough was deemed to have adopted a
redevelo~ment plan at the time the Initial District was established; and
\VHEREAS, on November 2, 1995, the Borough Council adopted Resolution 95-346
relating to a redevelopment plan for the Initial District; and
\VlIEREAS, on June 6, 1996, pursuant to the 1995 Landfill Law, the Borough finally
adopted Ordinance 96-14, which expanded the boundaries of the Initial District to include
those properties identified in such ordinance (as expanded, the "District"); and
\VHEREAS, on March 7, 1997, the Borough and the Bellemead Development Corp.
("Bellemead") entered into a redevelopment agreement relating to the District (the
"Bellemead Agreement"); and
\VHEREAS, on March 7, 2002, by Ordinance 02-05, the Borough finally adopted an
Amended and Restated Redevelopment Plan to govern the development of the District
(the "Amended and Restated Redevelopment Plan"); and
\VHEREAS, on Febmary 5, 2004, the Borough adopted Resolution #04-53 authorizing
the Borough to enter into a redevelopment agreement with regards to, inter alia, the
redevelopment of the Phase I Project Site (as such term is defined in the hereinafter
defined Redevelopment Agreement); and
\VHEREAS, on Febmary 6, 2004, Bellemead and the Borough executed that certain
"Mutual Release", which among other things, terminated the Bellemead Agreement and
released each of the Borough and BeJlemead from all claims arising out of the Bellemead
Agreement (the "Bellemead Release"); and
\VlIEREAS, on February 6, 2004, the Borough, acting in the capacity of a
redevelopment entity pursuant to and in accordance with the Redevelopment and
Housing Law, constituting Chapter 79 of the Pamphlet Laws of 1992 o[the State, and the
acts amendatory thereof and supplemental thereto (the "Redevelopment Law", as
codified in NJ.S.A. 40A:12A-l ~ ~.), and TITAN-PDC CARTERET, LLC, a
Delaware limited liability company (the "Redeveloper"), entered into that certain
redevelopment agreement (the "Original Redevelopment Agreement"), as may be
amended and supplemented, (the "Redevelopment Agreement Amendment" and together
with the Original Redevelopment Agreement, the "Redevelopment Agreement")
governing, among other things, the redevelopment of the Phase I Project Site (the "Phase
I Redevelopment Project"); and
WHEREAS, on May 6, 2004, the Borough adopted Resolution #04-160 declaring the
Phase I Project Site as an area in need of redevelopment, all in accordance with the
Redevelopment Law; and
\VIIEREAS, on October 7, 2004, the Borough finally adopted Ordinance #04-24, further
amending and restating the Amended and Restated Redevelopment Plan (the
"Redevelopment Plan"), all in accordance with the Redevelopment Law; and
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PAGE 7. of 7
WHEREAS, on January 23, 2006, the Borough and the Redeveloper entered into that
certain Access Agreement (the "Access Agreement") authorizing, inter alia, the
Redeveloper to enter the Phase I Borough Property (as such term is defined in the
Redevelopment Agreement) and certain private property for the purpose of undertaking
surveys and engineering, geodetic, environmental, soil, wetlands and other similar tests
and studies, at Redeveloper's sole cost and expense; and
WHEREAS, on January 23, 2006, the Borough and the Redeveloper entered into that
certain Access and Fill Agreement (the "Access and Fill Agreement" and together with
the Access Agreement, the "Access Agreements") authorizing, inter alia, the Redeveloper
to enter the Phase I Borough Property for the purpose of delivering to such property
material meeting the requirements of the New Jersey Department of Environmental
Protection (the "DEP") for clean fill and to stockpile such material and apply it to fill and
grade uneven areas of such property in compliance with any permits and other
regulations of the DEP; and
'VHEREAS, pursuant to and in accordance with the provisions of the Redevelopment
Area Bond Financing Law, constituting Chapter 310 of the Pamphlet Laws of2001 of the
State, and the acts amendatory thereof and supplemental thereto (the "Redevelopment
Bond Law", as codified in NJ.S.A. 40A: 12A-64 ~ ~.), specifically NJ.5.A. 40A: 12A-
66(a), the Borough is authorized to provide for tax abatement within a redevelopment
area and for payments in lieu of taxes ("PILOTS") in accordance with certain applicable
provisions of the Long Term Tax Exemption Law, constituting Chapter 431 of the
Pamphlet Laws of 1991 of the State, and the acts amendatory thereof and supplemental
thereto (the "Long Term Tax Law", as codified in N.J.S.A. 40A:20-1 ~ ~.); and
WHEREAS, pursuant to the terms of the Redevelopment Agreement, and in accordance
with the Redevelopment Law, Redevelopment Bond Law and Long Teml Tax Law, as
applicable, the Redeveloper has created and established Titan-PDC Carteret Urban
Renewal, LLC, a Delaware limited liability company, as an urban renewal entity pursuant
to and in accordance with the Redevelopment Agreement, Redevelopment Law,
Redevelopment Bond Law, Long Term Tax Law and other applicable law (the
"Redeveloper Urban Renewal Entity"); and
WHEREAS, pursuant to and in accordance with the provisions of the Redevelopment
Bond Law, specifically NJ.S.A. 40A:12A-67(a), the Borough may issue, or cause to be
issued, bonds for the purpose of financing all or a portion of the costs of a redevelopment
project, which bonds may be secured by PILOTS; and
WHEREAS, pursuant to and in accordance with the provisions of the Redevelopment
Bond Law, specifically NJ.S.A. 40A:12A~67(.t), and the Local Bond Law, constituting
Chapter 169 of the Pamphlet Laws of 1960 of the State, and the acts amendatory thereof
and supplemental thereto (the "Local Bond Law", as codified in NJ.S.A. 40A:2-1 ~
~.), the Borough may provide for a full faith and credit guaranty of any bonds issued,
whether by the Borough or any other authorized governmental entity, including without
limitation, a redevelopment agency established in accordance with the Redevelopment
Law, for the purposes of financing a11 or a portion of the costs of a redevelopment
project; and
WHEREAS, pursuant to the terms of the Redevelopment Agreement, the Borough shall
issue, or shall cause to be issued, bonds for the purpose of financing certain remediation
costs of the Phase I Redevelopment Project, including without limitation, the cost of
investigation, remediation and related creek relocation, wetlands mitigation and other
activities for the removal, treatment or containment of hazardous substances, the closure
and post closure of any landfill located on the Phase I Project Site, and the construction
of the necessary remedial systems, including the foundations of any buildings to be
constructed on the Phase I Project Site, related thereto (the "Phase I Remediation
Project"), all of which shall constitute a Redevelopment Project, as such term is defined
in the Redevelopment Bond Law; and
NO. 06-197
PAGE 1 nf 7
WHEREAS, pursuant to the Redevelopment Agreement, the Redeveloper Urban
Renewal Entity shal1 enter into onc Of more guaranteed maximum price contract(s) for
the Phase I Remediation Project (the "GMP Contract"); and
\VHEREAS, pursuant to the Redevelopment Agreement, the GMP Contract shall be
collaterally assigned to the Borough (the "GMP Contract Assignment" and together with
the GMP Contract, the "GMP Agreements"); and
WHEREAS, the Redeveloper Urban Renewal Entity has submitted an application to the
Borough for the approval of an urban renewal project, as such term is used in the Long
Term Tax Law, all in accordance with NJ.S.A. 40A:20-8 (the "Exemption Application")
and the Exemption Application was accepted and approved pursuant to resolution of the
Borough Council duly adopted on February 2, 2006; and
WHEREAS, on February 16, 2006, the Borough Council finally adopted Ordinance No.
06-08 entitled "An Ordinance of the Borough of Carteret Authorizing the Execution and
Delivery of a .Financial Agreement by and between the Borough of Carteret and Titan-
PDC Carteret Urban Renewal, LLC in Connection with the Phase I Redevelopment
Project" (the "Ordinance"); and
WHEREAS, as authorized by the Ordinance, the Borough and the Redeveloper Urban
Renewal Entity shall enter into that certain Financial Agreement (the "Financial
Agreement"), a fOilll of which is attached to the Ordinance; and
WHEREAS, pursuant to the terms of the Financial Agreement, certain of such Annual
Service Charges, as such term is defined therein, shall be pledged to the payment of the
principal of and interest on any bonds issued, whether by the Borough or any other
authorized governmental entity, including without limitation a redevelopment agency
established in accordance with the Redevelopment Law, to finance all or a portion of the
costs of the Phase T Remediation Project; and
WHEREAS, pursuant to the Redevelopment Bond Law, specificallyNJ.S.A. 40A:12A-
68, Annual Service Charges to be made by the Redeveloper Urban Renewa1 Entity
pursuant to the terms of this Financial Agreement shall, upon the recordation of the
Financial Agreement and the Ordinance, constitute a municipal lien within the meaning,
and for all purposes, of law; and
WHEREAS, pursuant to the provisions of the New Jersey Environmental Infrastructure
Trust Financing Program (the "Program"), established pursuant to the New Jersey
Environmental Infrastructure Trust Act, constituting Chapter 334 of the Pamphlet Laws
of 1985 of the State (the "Trust Act", as codified in NJ.SA 58:11B-l <;! ~.), funds
may be available for the purpose of financing certain water quality improvement projects
eligible for inclusion in the Program ("Program Eligible Projects"); and
WHEREAS, as a project that provides water quality improvements, all or a portion of
the Phase I Remediation Project may qualify under the Program and the Trust Act as a
Program Eligible Project, subject to a final determination made by New Jersey
Environmental Infrastructure Trust (the "Trust") and the DEP ; and
\VHEREAS, in order to take advantage of the Program, a local government entity must
act as the project sponsor (the "Project Sponsor") for the Redeveloper Urban Renewal
Entity in connection with the Redeveloper Urban Renewal Entity's implementation of the
Phase I Remediation Project; and
WHEREAS, on February 1, 2001, and in accordance with the Redevelopment Law,
specifically NJ.S.A 40A:12A-11, the Borough finally adopted Ordinance No. 01-1,
which established the Carteret Redevelopment Agency (the "Agency") as an
instrumentality of the Borough; and
NO. 06-197
PAGE 4 of 7
WHEREAS, on March 3, 2005, the Agency, acting as Project Sponsor for the
Redeveloper Urban Renewal Entity at the direction of the Borough, submitted the "New
Jersey Environmental Infrastructure Financing Program Application for Financial
Assistance" to the Trust and DEP, respectively; and
WHEREAS, the Agency desires to finance all or a portion of the costs of the Phase I
Remediation Project, on a non-recourse basis to the Agency and acting solely as Project
Sponsor on behalf of the Redeveloper Urban Renewal Entity, from (i) the proceeds of a
loan (the "Trust Loan") [Tom the Trust to the Agency, the tenns of which shall be
established pursuant to a loan agreement by and between the Trust and the Agency (the
"Trust Loan Agreement"), such Trust Loan to be secured by a bond issued by the Agency
to the Trust (the "Trust Loan Bond"), and (îi) the proceeds of a loan (the "Fund Loan")
from the State, acting by and through the DEP (the "Fund") to the Agency, the terms of
which shall be established pursuant to a loan agreement by and between the State, acting
by and through the DE?, and the Agency (the "Fund Loan Agreement" and together with
the Trust Loan Agreement, the "Program Loan Agreements"), such Fund Loan to be
secured by a bond issued by the Agency to the Fund (the "Fund Loan Bond" and together
with the Trust Loan Bond, the "Agency Conduit Loan Bonds"); and
\VHEREAS, the Agency will in turn (i) 1end the proceeds from the Trust Loan Bond to
the Redeveloper Urban Renewal Entity (the "Redeveloper Trust Loan"), the terms of
which shall be established pursuant to a loan agreement by and between the Agency and
the Redeveloper Urban Renewal Entity (the "Redeveloper Trust Loan Agreement"), such
Redeveloper Trust Loan to be secured by a promissory note issued by the Redeveloper
Urban Renewal Entity to the Agency (the "Redeveloper Trust Note") and (ii) lend the
proceeds of the Fund Loan Bond to the Redeveloper Urban Renewal Entity (the
"Redeveloper Fund Loan"), the terms of which shall be established pursuant to a loan
agreement by and between the Agency and the Redeveloper Urban Renewal Entity (the
"Redeveloper Fund Loan Agreement"), such Redeveloper Fund Loan to be secured by a
promissory note issued by the Redeveloper Urban Renewal Entity to the Agency (the
"Redeveloper Fund Note"); and
\VHEREAS, prior to, and in anticipation of, the issuance of the Agency Conduit Loan
Bonds, the Agency may issue short-term notes directly to the Trust, which short-term
notes shal1 bear interest at zero percent (0%), as permitted under the Program (the "Trust
Interim Note", and together with the Agency Conduit Loan Bonds, the "Project Sponsor
Conduit Loan Bonds"); and
\VHEREAS, the Agency will in turn lend the proceeds from the Trust Interim Note to
the Redeveloper Urban Renewal Entity (the "Redeveloper Trust Interim Loan", and
together with the Redeveloper Trust Loan and the Redeveloper Fund Loan, the
"Redeveloper Loan"), the terms of which shall be established pursuant to a loan
agreement by and between the Agency and the Redeveloper Urban Renewal Entity (the
"Redeveloper Interim Trust Loan Agreement" and together with the Redeveloper Trust
Loan Agreement and the Redeveloper Fund Loan Agreement, the "Redeveloper Loan
Agreements"), such Redeveloper Interim Trust Loan to be secured by a promissory note
issued by the Redeveloper Urban Renewal Entity to the Agency (the "Redeveloper
Interim Trust Note" and together with the Redeveloper Trust Note and the Redeveloper
Fund Note, the "Redeveloper Notes"); and
WHEREAS, the Trust Interim Note is anticipated to be paid from the proceeds of the
Agency Conduit Loan Bonds; and
WHEREAS, the Project Sponsor Conduit Loan Bonds shall be issued pursuant to an
indenture of trust, as may be amended or supplemented (the "Tmst Indenture"), by and
between the Agency and trustee named therein (the "Trustee"); and
WHEREAS, pursuant to the Redevelopment Bond Law, specifically NJ.S.A. 40A:12A-
67(c), the Borough shall assign, for the benefit of the Agency and as security for the
Project Sponsor Conduit Loan Bonds, all of the Borough's right, title and interest in and
to the Pledged Annual Service Charges, as such term is defined in the Financial
Agreement (the "Borough Assignment"); and
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\\'HEREAS, any amounts received by the Agency pursuant to the Borough Assignment
shaH be credited against any amounts due and owing by the Redeveloper Urban Renewal
Entity to the Agency pursuant to the Redeveloper Loan Akffeements; and
\VHEREAS~ pursuant 10 the tCffilS of the Redcvclopmcl1I Agreement, PanattonÎ
Investments. LLC, a California limited lìabi1íty cOI'npany (the "Guarantor"), who has an
equity ownership interest, whctht."T direct or indin.'Ct in the Redeveloper Urban Rcnc\val
Entity, shan enter into an agreement with the i\gency, to which the Borough shaH be a
third-party bencfíciary. whereby the Guarantor shall guaranty the fu1l, prompt and
unconditional payment when due of any pa:-l11ents of the Redeveloper Urban Renewal
Entity due and owing to the Agency pursuant to the Redeveloper Loan Agreements (the
"Panatloni Agency Guaranty Agreement"); and
WIfE RKAS. as 3( dilionaJ security for the Project Sponwr Conduit Loan Bonds and as
authorized pursuant to the Redevelopment Law. spccîficaJly N.J·S_~ 40A:I2A-41. the
Borough shall contribute. donate. grant or otherwise pay to the Agency the Borough
Ineremental Land Taxes, as such tem1 is defined in thc Financial Agreement. pursuant to
the terms. of an agreement by and between the Borough iind the Agency (the
"Contribution AgrccmenC); and
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\VHEREAS, the Borough shall fti11y, unconditionally and irrevocabJy guaranty, the
punctual payment. when due, of the princîpal of, redcmption premium, if any, and
interest on thc Project Sponsor Conduit Loan Bonds in a total original aggregate principal
amount not to exceed $38.500,000 at anyone time outstanding in accordance wiih (i) the
te11115 of the guaranty ordinance final1y adopted by the Borough Council 011 Febnlary 16.
2006 (the "Guaranty Ordinancc") and (iì) a guaranty certificate to be executed hy an
3uthorllcd officer of the Borough 011 the façe of each Project SPQl1Sor Conùuit Loan
Bond (the "Guaranty Certificatc" and together with the Guaranty Ordinance, the
"Borough Guaranty" and together wilh the Borough Assignment. the Redeveloper Loan
Agreement, the Redeveloper Notes, the Trust Indenture. the Panattoni Agency Guaranty
Agreement and the Contribution Agreement, the "Financing Documents"), all pursuant to
the Redevelopment Law, Redevelopment Bond Law and the Local Bond Law; and
WHEREAS, in consideration for the Borough Gllilranty. the Redeveloper Urban
Renewal Entity shall pay to the Borough a fee (the "Borough Guaranty Fcc") pursuant 10
the terms of an agreement by and between the Borough and the Redevelopment Urban
RenewaJ Entity (the "Borough Guaranty Fee AgreemeIH"); and
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,vnEREAS~ the Proj(."Çt Sponsor Conduit Loan Bonds shall be special, limited
obligations of the I\gency, payable solely from and secured by the Agency's interest in
thc Financing Documents; and
\VHEREAS, on June 22, 2005. as a condition precedent to the issuance of any and all of
the Project Sponsor Conduit Loan Bonds and in accordance wíth all app1ìcable law.
including without limitation, tjJ,S.A 40A:5A·6, ;iJ,S,A, 58: 11 8-9(a) and NJ,S.A.
40A: 12A-67(g), the Agençy submitted an application (the "Local Finance Board
Application'') to the Local Finance Board in the Division of Local Government Services
of the State's Department of Community Affairs (the "Local Finance Board") ior the
Local Finance Board's approval of the issuance of the Project Sponsor Conduit Loan
Bonds and related financial instruments; and
'VHEREAS, the Local Finance Board, at 11 meeting held on August 10, 2005. did issuc
favorabJc findings with respect to the Project Sponsor Conduit Loan Bonds and the
Borough Guaranty; and
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\VHEREAS. on September 30, 2005. the Borough entered into that certain Grade
Crossing Agreement (the "Contrail Grade Crossing Agrccmcnt"), by and among the
Borough, the Redcveloper Urban Renewal Entity and Conso1idatcd Rail Corporation
("Conrail"); and
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"'HERE-AS, the Borough sha1l clHer il1to an ab'Tccmcnt wÎth Conrail tor the licensc and
occupation ora sewer pipe on Conrail prop<.11y ("Conrad Sewer Agreement"); and
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\VlIEREAS, tbe Borough and the Redeveloper lJrban Rene\val Entity shaH enter into an
agreement, which agreement shall be recorded on the PhlLI:¡e I Project Site, whereby the
Redeveloper w111 perfonn ,md be responsible for an of the obIigatiøHs and ùutìcs of Ihe
Borough under the Conrail Sewer Agreement (the "Sewer lndemnification AgrccnH:nL
!lad together with the Conrail Sewer Agreement and the Conrail Grade Crossing, the
"Conrail Agrecmcnts"); and
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'VHEREAS, pursuant to the tCn115 of the Redevelopment Agreement and the SC\VtT
Indemnifkation Agreement. the Guarantor shall enter into an Agreement with the
Borough whereby the Guarantor shall guaranty, inter a11a, 0) the prompt and futl payment
of an}' buffer or deductible required on any Remediation Perfonnance and PaY1ncnt
Bonds, Cost Cap Insurance. as such lcmlS arc defined in the Redevelopment Agreement,
or other insurance provided by the Redeveloper and (ii) the prompt aad full payment and
pCrfOffi'HmCèOf each and ever duty. ob1igation, responsibility and liability of the
Redeveloper pursuant to the ternlS of the Sewer Indemnification Agreement (the
"Panattoni Borough Guaranty Agreernent"); and
\VHEREAS, prior to the issuance of the Project Sponsor Conduil Loan Bonds, Borough
shall obtain fee titte 10 additional parcels of the Phase .I Project Site, not previously
owned by the Borough, and upon such acquisition such propet1y shaH constitute Pha..<;e I
Borough Property in accordance with the tCITI1S ofthe Redevelopment Agreement; and
\VHEREAS, the Borough sha\1 convey tit1e to the Phase I Borough Property to the
Redeveloper Urban Renewal Entity (the "Borough Property Convcyam~c") in accordance
,,,'ilh the appropriate agreements, deeds and other conveyance documents (the "Ph¡¡se I
Borough Property Purcha1'ie and Sale Documcnts"): and
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\VHEREAS,in order to finance those costs of IhcPhasc I Rcdevcloprnelll Project no!
eligible Lo be financed through the Program, induding the acquí~itíon of the Phase J
Project Site by the Redeveloper Urban Renc\val Entity, the Redeveloper Urban Rene\..';!!
Entity shall enter into a loan and mortgage agreement (the "Commercial Loan
Agreement") with Bank of America (the "Bank"); and
\VHEREAS, the Borough and the Bank sha1l enter into a subordínation and intcrcreditor
agreement with rcspcçt to the hens and remedies each may have with respect to the Phase
J Project Site (the "lntercreditor Agreement" and together with the Redevelopment
Agreement, the Acccss Agrecmcnts, the OMP Agreements, the Borough Assignment, the
Panuttoni Agency Guaranty Agreement, the Contribution Agreement, the Borough
Guaranty Fee Agrcement, the Panattont Borough Guaranty Agreement, the Conrail
Agreements, the Phase 1 Borough Property Purchase and Sate Documents and the
Imcrcreditor Agreement, the "Borough Project Agreemcnts"),
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NOW, THEREFORE, BE IT RESOLVE ) a' follows:
S.ctlon 1.
The Phase I Redevelopment Project. the Borough Property
Conveyance and the financing thereof i$ herehy ratil1ed and
approved
Section 2.
'The Mayor and the Chief Financial Officer (each an "i\tlthori;:cd
Omcer") are hereby each sc\'eral1y authorized and directed, upon
the satisfaction of aH the legal coudítìons precedent to the
execution or acknowledgment and delivery by the Borough of the
Borough Project Agreements to be so executed or acknowledged
by the Borough, to execute or ackIlowledge and deliver the
Borough Project Agreements, after consultatiQn \\'ith such counsel
and ¿illY advisors to the Borough (eollectively, the "Borough
Consultants"), as such Authorized Officer deems necessary,
desirable or convenient in such Authorized Officer's so!e
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discretion, All <1ctÎons of the Authorized Officers and the Borough
Consult:mts taken prior to the date of adoption hereo!" in
conneçtìon with the Phase 1 Redevelopment Project, ¡or: 1mling,
without limitation. the execution or acknowledgement and dchvery
of any Borough Project Agreements, arc hereby ratified and
approved,
Section 3. The Borough Clerk is hereby authorized and directed. upon the
executÎon or acknowledgment of the Borough Project Agreement;
in accordance with tbe terms of SecÜon :2 here(\t~ to attest to the
Authorized Officer's execution or acknowledgment of such
Borough Project Agreements and is hereby fi.u1J1er authorizcd and
directed, when rC4uircd by the Borough Project Agreements, to
thereupon affix the seal of the Borough to such Borough Project
Agreements,
Sed ion 4. Upon the execution or acknowledgment and attestation of and if
requíred. the placing of the seal of the Borough on the Borough
Project Agreements as contemplated by Sections :2 and 3 hereof,
the Authorized Officer ís herehy authorized and directed to (i)
deliver such ruJly executed or acknowledged, attested and scalt"l
Borough Project ;\grccmcnls to the other parties thereto anù (ii)
perfbnn such other actlons as the Authorized Officer dccrns
necessary, desirable or convenient in relation to the execution and
delivery thereof
SectiQn 5. The Authorized Officers arc eath hereby furtber authorized to
perform any act. execute or acknov.-'1edge and deliver any other
document, instrument or certit1catc, which the AuthorìleJ Officer.
after consultation \vìth the Borough Consultants, dcems necessary,
desirable or convenient in connection with the Phase I
Redevelopment Project. the Borough Property Conveyance and the
finaodng thereof, aod the Borough Clerk is hereby further
authorized and directed to attest to such execution or
acknowledgement and to affiK the seal of the Borough to any snch
dDcnrnent. instrument or certificate,
Section 6. This fesolutiün shall take effect at the time and in the manner
prescribed hy 1m-\'.
Section 7. Upon the <idoptìon hereof, the Borough Clerk shaH fOfviard
certified copies of this resolution to Robert Bergen, Esq., Gill &
Chamas, LLC. Borough Counsel. and Stephen B, Pearlman. Esq.,
DcCotiis. fitzPatrick, Cole & Wisler, L,LP, Special
Redevelopment Counsel to the Borough.
Adopted this 6th day of July, 2006
aod certified as a true copy of the
original on July 7th, 2006.
KATHLEEN 11. BA~NEY, RI1C/CI1C,
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RECORD OF COUNCIL VOTE
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