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No. 09-172 D,,, of Adopt;o" July 23, 2009
RESOLUTION OF THE BOROUGH OF CARTERET, IN THE COUNTY
OF MIDDLESEX DESIGNATING NY-F INDUSTRIAL FUND I, LLC
AS THE CONDITIONAL REDEVELOPER OF A PORTION OF
THE WEST CARTERET MINUE STREET RETAIL
REDEVELOPMENT AREA, PHASE II
WHEREAS, by Resolution No. 06-211, duIy adopted on July 20, 2006, the
Borough of Carteret (the "Borough") designated a portion of the Borough,
consisting of the properties identified as Block 49.03, Lot 1, Block 50.1, Lots 10-
17, 27, 28, 29, 30 and 32.04, Block 50.2, Lots 1.01, 1.02, 2, 3 and 4 on the
Borough's tax map, as well as Pendro Avenue, Ivanitsky Terrace, Gulino Place,
BryIa Street and Milik Street beh'leen Bryla Street and the eastern boundary of
Block 50.1, Lot 27 (the "Redevelopment Area"), as an area in need of
redevelopment pursuant to the New Jersey Local Redevelopment and Housing
Law, NJ.S.A. 40A:12A-1 ef seg. (the "Redevelopment Low'); and
WHEREAS, by Ordinance No. 06.47, fmally passed on September 7, 2006, the
Borough approved and adopted a Redevelopment Plan for the redevelopment of
the Redevelopment Area, Phase II (the "Redevelopment Plan"); and
WHEREAS, the Borough now desires to designate NY-F Industrial FlUld I, LLC
("NY -F") as the conditional redeveloper for the portion of the Redevelopment
Area known as Block 49.03, Lot I, located at 110 Minue Street, in furtherance of
entering into a formal redevelopment agreement with NY-F, with said preliminary
negotiations to include the receipt and review of additional project specific
information from NY-F as may be requested.
NOW, THEREFORE, BE AND IT IS HEREBY RESOLVED by the Mayor
and Council of Borough of Carteret, in the County of Middlesex and the State of
New Jersey, as follows:
Section 1. NY -F Industrial Fund I, LLC, with offices at 9643 Olive
Boulevard, St. Louis, Missouri 63132, is hereby conditionally designated
as the redeveloper of the portion of the West Carteret Mioue Street Retail
Redevelopment Area, Phase II known as Block 49.03, Lot 1 on the
Borough's tax map, located at 110 Minue Street, and has, at the sole and
exclusive discretion of the Borough, the option to enter into preliminary
negotiations for a redevelopment agreement with the Borough for the
aforementioned property located within the West Carteret Minue Street
Retail Redevelopment Area.
Section 2. The within designation is hereby made for a limited period of
one hundred-twenty (120) days, and is further contingent upon NY-F
providing any additional project related information as may be requested
by the Borougb.
Section 3. The within designation is further contingent upon NY-F
agreeing to reimburse the Borough for any and all costs associated with
the Borough's review of said additional material and any subsequent
efforts involved in negotiating a formal redevelopment agreement
between the Borough and NY -F. Said costs shall include, but not be
-limited t~he cost of ~r and all professi9Q",,1 consu1t,anllietai~~.by the
Borough to. review saidmaterials. and/or assist the Borol.x"gh-ln
negotiations of a formal redevelopment agreement. The Mayor is hereby
authorized to execute any agreement necessary to memorialize this
arrangement prior to fmalization of a redevelopment agreement.
Section 4.
This resolution shall take effect immediately.
NO.
09-172
PAGE 2
Section 5. Upon adoption of this resolution, the Clerk of the Borough
is directed to forward a copy hereof to the Borough's Special
Redevelopment Counsel, McManimon & Scotland, L.L.C., Artn: Kevin P.
McManimon, Esq., 1037 Raymond Boulevard, Suite 400, Newark, New
Jersey 07102.
Adopted this 23'd day of July, 2009
and certified as a true copy of the
original on July 24, 2009.
](A THLEEN M. BAfu'lEY, MMC
Municipal Clerk
COUNCILMAN
RECORD OF COUNCIL VOTE
YES NO NY A,B. COUNCILMAN
X
X
YES NO NY. A.B.
X
X'
NAPLES
SITARZ
X. Indicate Vote AB ~ Absent NY - Not Voting XOR - Indicates Vote 10 Overrule Velo
Adopted at a meeting of the Municipal Council
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