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Home My Public Portal Aboutr 07:039 ¿R£zúluHüll ú£ t~£ ißúrúuø1t ú£ QIurhrdJ ~ + 3J + No. 107-39 Date of Adoption ¡"J1I"'ry 7" 2007 RESOLUTION OF THE BOROUGH OF CARTERET CONDITIONALLY DESIGNATING A REDEVELOPER FOR THE FORMER BALL GLASS FACILITY AND SURROUNDING PROPERTIES AND AUTHORIZING THE PREPARATION OF A REDEVELOPMENT AGREEMENT \VHEREAS, the Borough of Carteret, a municipal corporation in the County of Middlesex and the State of the New Jersey (the "Borough") is empowered, pursuant to and in accordance with 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-I tl §§g.), to declare certain properties located within the Borough as "areas in need of redevelopment", adopt and impJement redevelopment plans and carry out redevelopment projects within the Borough; and WHEREAS, the Borough has detemlined, in accordance with the Redevelopment Law, that portions of Federal Boulevard and Minue Street, respectively, are "areas in need of redevelopment"; and WHEREAS, the Borough has adopted, in accordance with the Redevelopment Law, separate redevelopment plans for each of Federal Boulevard (the "Federal Boulevard Redevelopment Plan) and Minue Street (the "Minue Street Redevelopment Plan"), respectively; and WHEREAS, on December 14, 2006, the Borough issued a reqnest for submission of qualifications (the "RFQ") seeking qualified candidates to redevelop the former Ball Glass Facility and surrounding properties located in the Borough and consisting of (i) Block 49.03, Lot I, which is govemed by the Minue Redevelopment Plan and (ii) Block 49.01, Lots 4, 9 and II and Block 49.02, Lot 2, which are govemed by the Federal Boulevard Redevelopment Plan (collectively referred to as the "Ball Glass Area"); and WHEREAS, North Jersey Realty, LLC and Grandby Developers, LLC together, and the with the intention of creating a sole purpose limited liability company (herein referred to as "North Jersey"), submitted a response to the RFQ; and WHEREAS, the Borough has determined to conditionally designate North Jersey as the designated redeveloper for the Ball Glass Area in aceordance with the tenm of this resolution; and WHEREAS, the Borough and North Jersey have agreed to commence good-faith negotiations to establish the terms and conditions goveming the designation of North Jersey as redeveloper, the implementation of a redevelopment projeet within the Ball Glass Area, and the terms and provision of a Redevelopment Agreement. NOW, THEREFORE, BE IT RESOLVED by the Borough Council of the Borough of Carteret as follows: Section 1. The Borough hereby conditionally designates North Jersey as redeveloper for the Ball Glass Area, subjeet to (a) the successfi.ll negotiation and execution of a Redevelopment Agreement by and between the Borough and North Jersey and (b) the deposit by North Jersey, in accordance with the tenm of the RFQ, particularly Section G thereof, of $50,000 into the escrow fund to be utilized by the Borough, in its sole discretion, to pay the reasonable professional fees, expenses and costs incurred by the Borough. '" NO. jfO} ~~- PAGE 2 Scction 2. The Mayor, or the Mayor's designee (each an "Authorized Officer") are hereby each severally authorized and directcd, after consultation with such counsel and any advisors to the Borough (coJlectivcly, the "Borough Consultants"), as such Authorized Offiecr decms ncccssary, desirablc or convenicnt in such Authorizcd Officer's sole discrction, to enter into negotiations with North Jersey to prepare a proposed Redevelopment Agreement, implement a redevelopment project within the Ball Glass Area, and take any and all actions related thcrcto. Scction 3. In the event (a) thc Borough and North Jcrsey have not cxecuted a Redevelopment Agrcement and (b) North Jcrsey has not dcposited the require funds into the escrow fund, as set forth in the RFQ and Section I hereof, within ninety (90) days of the date hereof, unless such time period is otherwise extended by the Borough, in its sole discretion, the Borough's conditional designation of North Jersey as redeveloper shall expire and be of no further force and effect and the Borough shall have no further obligation to North Jersey. Scction 4. All actions of the Authorized Officers and the Borough Consultants taken prior to the date of adoption hereof in c011l1ection with the redevelopment of the BaJl Glass Area are hereby ratified and approved. Scction 5. prescribed by law. This Resolution shall take effect at the time and in the ma11l1er Section 6. Upon the adoption hereof, the Borough CJerk shall forward a certified copy of this ResoJution to Matthew C. Karrenberg, Esq., DeCotiis, FitzPatrick, Cole & Wisler, LLP, Special Redevelopment Counsel 10 the Borough. Adopted this 25th day of January, 2007 and certified as a true copy of the original on January 26, 2007. KA'lliLEE'I M. BARNEY Munic.ipal Clerk -- COUNCILMAN RECORD OF COUNCIL VOTE YES NO NY A.B. COUNCILMAN x X X YES NO NY A.B. X X X x _ Indicate Vote AS _ Absent NV - Not \'oting XOR - Indil"alCS Vote tn Overrule Veto Adopted at a meeting of the Municipal Council ~ ~.. c-..~ Ja.nua~þJZ . '£:.e.e~ ..t.; , L.· JAN-18-2007 THU 10:58 AM BEACON PLANNING FAX NO. 732 845 8104 p, 01 B.t:::ACON PLANNING AND REALTY ADVISORS, L_L.C. COLTS TOWNE PLAZA, SL:ITE 207 41 STATE HIGHWAY 34 SOUTH COLTS NECK, NEW jERSF.Y ûïï22 732.845_8103/FAX 732.8458104 1, F4CSIMILe 'CUNSMITT4L SHEET 'iÙ' nU~M. The Honorable Daniel Jtcitmn Andrew Janiv; COMPANY: DATE: Mayot, Botough of CarteIet . _____ J~~ 18,2007 FAX Nl1~{1\I'{l, TOTAL NO. 01' pM;r·" lNC.LUDING COVER 732.541.8925 5 1'1Ior:-¡t:.: NUMBE.R: 732.541.:)801 sr.NPJ::.R'S .R£t='E'RENCP. N1.JMlII;iR: A06U29 "P., YOUR IH\PI1JWNC>< NUMBER: Federal }slvd Redevdopment t'J:U1 Ca.rteret, NJ URGENT o FOR RBVIHW o I'LEASF COl\lMHNT 0 nf':ASE Rl>PLY D l'.r·:j\~H Rt::CYCLli NO'i't::.S ICOM.>IEST" - lev ;t.¡J/C¡:' -ÆJ' ( ~-~., fßJJ V\ ~- ----- JAN-18-2007 THU 10:58 AM BEACON PLANNING FAX NO. 732 845 8104 P, 02 BEACON PLANNING AND CONSULTING SERVICES. , LC. COL'I'S TOWNE PLAZA 41 STATE HIGHWAY 34 SOUTH COLTS ~~Ç,~}ÒIl ü7722 TEL. (132)845~8îû3 FAX (732)845-8104 === ",r''''' ''';"~___.. MEMORANDUM ~r,L~'.;;;~.:;¡:¡¡'¡:':'~. ~'I!)¡q)¡:,)¡¡;.....~~.. .. ~~~.~:¡. _:~~::;,,;;,:¡:.;;..:;(;.r~::;·::;:;;;;':;::;;¡;: TO: MAYOR DANIEl. J. REIMAN, ANTfiON¥' NEIBERT, AND THE CARTERE1.· BOROUGH COUNCIL FROM: ANDREW JANIW, P,P., AICP AND :MEGAN MASSEY SUBJECT: RESPONSES TO THE FoRMER BALL GLASS AND SURROlJNDh-..;jG PROPERTIES REDEVELOPMENT OPPORTUNI1.Y REQUEST FOR Ql!ALIt'iCA TlONS REFERENCE: OUR FILE #Aûóû29 DATE: JANUARY í 7,2007 CC: ROBERT J. BERGEN, ESQ. A.~D JOHN P. DCPONT --.----- --'"'-"""'- ---- Pursuant to the Borough's request, we have reviewed the single response to the Request for Q--''''''-ö..;-_.. rr_~ ..L_ c_~~~ "'_11 Iè.IM_ -nd ""-'un~ing P~ne""¡"~ _d_..I~......,-t ua.J.lI,..lI......uu....~ .L,,-,,+ ¡..L"'''' .L-UL.L.......~J.. u...... .....8~~ ou. ............- ... ........r-.....---.... ...- -. ---...;¡r---~.:..:.~ opportunity. The respondent is identified af' a :>ole purpose limited J.i¡¡bility company fanned b- ",TO~L J=---- ]!:,,~I~ T T r -nd r~~J,,_ D-'-"-P-~ T T r ran......... .~ç.o.....,..,.;nn nro,,,~...:I i~ Y.L."I¡I j;"LJ'" .......L~.:;.., ,,"', ~,"",,;¡;i.A. .........~LI'l ......ç¡- -.&.J ....................... -- ........--... ,¡,¡¡.. ...------ r .------ as follows: Key Personnel Daniel Mayien David Massey Joseph Tansey Add1:ess and Phone: 1 Trap Fill",- Road. #301 Shelton, Connecticut 06484 203.94409541 64 ;,....íill Road Morris Plait1.s. ~ew Jersey 07950 201.323.430Û Related Entity: Tartaglia Associates 477 Main Street Monroe, Connect1c:Ut 06û48 JAN-18-2007 THU 10:59 AM BEACON PLANNING FAX NO, 732 845 8104 p, 03 The response was reviewt:d ba5ed on the evaluation criteria outìined ín the RFQ document. The response was evaluated to detenninc whl'uu:r it met all requirements and was fully responsive to the RFQ and rcviewed for completeness and responsiveness. The Ío.ìlowmg element~, not ranked in importance, were u1\cd in the initial review and ~hould be used in the subsequent negoriarion phase. \ Provided \ Complete Response [ Rcq~d Response Elements and RÚ¡X;n¡ents Reply I IDENTIFICATION: ' ---- -_.- ---- I - A. Contact infomYduon orovided. X YES - -'8.- Parent comPany identified. I X YES C. Key 'Personnel identified "nd resumes provided? I NO iŒSUMES D. Docs the respondent intend to joint vcnture? X YES E. Compiete identification of ÞrinåpaÎs and keY person1le1 ....>ith crimÍnaÎ disclosure? LIlWfITED ADMINISTRATIVE INFORMATION: A- Proiect or¡zanization identified .... I .. T1L6rTfr:o""" 4 LLJ..J..I. J.. DAJ B. Identification of Si2nificant Pcndinc: r.,¡-1Dl and Administrative Proceeding X YES C. Arrv instances or disQualiíicai.Íon? v VP" - £~~ D. Anv instances of default? X YES I E. Añy inotM,;:'" of íéúsal to testify or 'W.u.e ;..UIr~itJ rcl:;,t~d to pub!ic X I YES consttUcrionptojec~? F. lP.tcr:n:at1cn prosl1d-i for 3.n P1-....n....i'þ'!.!!h. TBD FINANCIAL INFORMATION: _t!... Summ.'~r: md E01J.t"'"P of itt~tm.!:nt (,.-?,.þltiil idenAf!-ed X LIMITED B. Three references þrovided. I ONE C Evid,:.tK" of abilitv to obt~ builikr's risk and bondim.. cap,.dtv þl'OV'ided. X , LIMITED D. Pro\1Ísion of mÎ$c- information SuþþorlÍne: flnanchl stability of firm· X T LIMITED E. Disdoswc of relevant neø>tive inf=ation related to in6olvenCY, ba,t:Ù<tùPlçy,-~c,-- ~.' X YES F. Information provided related to financíne: of major undertàkinl!6. X LIMITED G. Indication of equity investment ~rojects. X YES TECHNICAL AND PROTEcT-RELATED EXPElUENCE: A. provision of prior þro1"ct descri"riot:ls- X YES B. S\UIW1a1'V of Cl.1rrent Þroiect operations. i X YES C. Desc:riDtiOt'l oi current and oendina: proiects. T X LIMITED D. Provision of three proiect references. i X I ~"l~S We offet the follo\\o'Íng synOps15 and c;omments on the response to the RFQ, based on the information provided by the Respondent. It was the objective of the RFQ to sohcit infonnation sufficient to review: 1. The Redevelopds financial strength. and ability to obtain funds from private lenders or otherwise use of thcit equity to complete the undertaking. 2. Previous rcdc"d0t'mel1t projects that are írt P;()g!:css or have becn either undertnken or completed by tÞc respondent; 3. Review experie:ace uf leey personnel. 2 JAN-18-2007 THU 10:59 AM BEACON PLANNING FAX NO, 732 845 8104 P. 04 Opinion: posiúve points of the rt:~pon!'.c package: . ldentitíed quaiiñed key personnel; Identified principals holding 5 pctCent OJ: man: of net equity and did not idenrify any det.t1Jnenbl \ú$tory: Net asset value of $175,200,000; Previously qualified for in exce~~ of $30 million in loans £tom Citizen Bank. Lender reports repayment has been t:imely; Own and manage;:; a large inventory of commercial properties in Connecticut. New Jersey exposure is also extensive, but noted to be in connection with other parties; Extensive experience in cotnm.ercial and retail devcl.opment. · · · · . Potentiaì ìímitations iàenóiieà: · Did not pIOVlde oompiere resumes or information that wouid describe the screngm of the organization; · Project "ream", inclusive of professionals, not identified on organlZanon chart; · Limited organization chart províded; · Only onc financial reference provided; · Name and address of auditor for thcit financis.l sbtement is not pw\"Íded; · Sources of equity available to Developer not deariy identified; · No financial information provided for the undedying coxpomtionS. Scrength of the coxporations not addressed; · Experience limired to neighborbood retail and big box retail. No discussion regarding mixed-use experience; · No d1gCUSs1on of experience opcu.ring under the constraintS or a redeveiopn>ent agreement. References: Beacon contacted tv.'o references, one tn\UlÌcipal (Mr. James Lampman. Township of Buder Adnmùstt:ttot) and one d.ev'elopment (Mr. Brian Le:iliy of Home Depot), and in both instances the fceèback was posiuvc. 'the gxoup was desctibed ",8 "creative and ikxibìe in their design." Neither reference opined the $50 million+ budget was a financial or trulllage1nent conœ= or overextension for the respolldent. Summary While the response to the RFQ was incompíete in both content and context, suÍÚcient information was provided to identify the respondent as e~enced in commercíal development and having the financial capability to consider a projGct of this potcnti>¡l magnitude. The supplemental information obtained from the references conu-cted supports 3 JAN-18-2007 THU 10:59 AM BEACON PLANNING FAX NO. 732 845 8104 P. 05 this opinion. BPCS recommcn& COfJrinuíng chscussions with the respondent and rcqumng the supplementaJ ínfonnatíon identified in this review 3S 3 condition of any final or formal deiiignation. Please fcel free to contact me should you have any questions or wÌ5h to further discuss any specific points of the response package or this review summ~u:y. 4