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No. 07-110 Date of Adoption March 13. 2007
AUTHORIZING SETTLEMENT AGREEMENT FOR TAX APPEAL WITH
KINDER MORGAN LIQUID TERMINALS LLC
WHEREAS, Kinder Morgan Liquid Tenninals, LLC, ("KMLT") is the owner of the
following tracts or parcels of real property located the Borough of Carteret, County of
Middlesex, State of New Jersey, designated on the Official Tax Map of the Borough of
Carteret as Block 8, Lot 3; Block 9.1, Lots 1,2,3,4,4.02; Block 9.3, Lots 5.01, 6.02, 7,
8.01,8.02,9, 10, 13.01 14.01, 14.02, 17.01, 17.02, 17.03, 17.04, 17.05, 18.02, 18.03,
19.01,20.01,23.01,23.02,23.03,23.04; Block 9.4, Lots 13, 14; Block 9.6, Lot 7; Block
10, Lots 1.01, 1.02,2,3.01,3.03,4,5,6,7,22,25; Block 11.1, Lots 3, 4, 5, 21, 62; Block
140, Lot 16 (the "KMLT Property"). The KMLT Property consists of approximately
197* acres, situated on Salt Meadow Road, Borough of Carteret, Middlesex County; and
WHEREAS, KMLT operates a ternlinal (the "Terminal") at the KMLT Property upon
which bulk and liquid products are transported to and from the Terminal by sea, rail,
pipeline and truck and liquids are stored at the Terminal in above ground storage tanks;
and
WHEREAS, the Borough of Carteret ("Borough") filed challenges to the property tax
applicable to the KMLT Property for multiple pending tax years of2003, 2004, 2005, and
2006 with the appeals captioned as Carteret Borough v. GATX c/o Kinder Tax Dept,
Docket Nos. 2808-2003, 4949-2004, 4687-2005 and 4211-2006 (collectively referred to
as the "Reverse Tax Appeal Litigation");
WHEREAS, the Reverse Tax Appeal Litigation concerns the delineation of the KMLT
Property and the assets constructed thereon which are assessable as real property, as well
as the market value of the KML T Property for tax assessment purposes; and
WHEREAS, the Borough and KMLT have reach an agreement with regard to the
outstanding issues raised in the above-referenced tax appeal litigation and other related
matters and are desirous of finalizing the terms of said agreement and entering into a
formal Settlement Agreement with regard to the same.
NOW, THEREFORE BE IT RESOLVED by the Mayor and the Council of the
Borough of Carteret as follows:
I. That the Mayor is are hereby authorized to negotiate the final terms of,
and execute and enter into on behalf of the Borough, a formal
Settlement Agreement with KMLT in settlement of the outstanding
issues raised in the above-referenced tax appeal litigation which has
been initiated by the Borough, and other related matters, all in a form
acceptable to the Borough Attorney.
.....
NO. 07-110
PAGE 2
2. That the appropriate Borough Officials and professional consultants
are hereby authorized and directed to take any and all action(s)
necessary to implement the ten11S of said Settlement Agreement
entered into between the Borough and KMLT.
Adopted this 13th day of March, 2007
and certified as a true copy of the
original on March 14, 2007.
KA THLEEN M. BARNEY, RMCICMC
Municipal Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN I YES NO NV A.B. COUNCILMAN YES NO NV A.B.
BEU.INO X
DIAZ X X
KRUM X
x - Indica,e Vo,e AB - Absen' NV - No, Vo,ing XOR - Indlca,es Vote to Overrule Veto
Adopted at a meeting of the Municipal Council
~ .March 13, 2007
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