HomeMy Public PortalAboutr 10-058
~e.zolutio1t of tIre ~ornu~Ir of QIm:terd, ~ ~ 3J ~
No. 10-58 Date of Adoptio" F'ctr1l'uy 4, LlJiO
RESOLUTION OF THE BOROUGH OF CARTERET, IN THE COUNTY
OF MIDDLESEX DESIGNATING F. GREEK NEWCO 377, L.L.C. AS
THE CONDITIONAL REDEVELOPER OF THE ROOSEVELT AVENUE
LIGHT INDUSTRIAL DISTRICT REDEVELOPMENT AREA
WHEREAS, on August 26, 2004, the Borough Council (the "Borough Council") of the
Borough of Carteret, in the Calmty of Middlesex, New Jersey (the "BoroughU), following the
recommendation of the Borough Planning Board (the lIPlanning Board"), adopted resolution
number 04~263, detennining that the properties designated as Block 6.02, Lots 6 and 7 on the
Borough's tax map constitute an area in need of redevelopment, known as the Roosevelt Avenue
Light Industrial District (the "Redevelopment Area"), under the New Jersey Local
Redevelopment and Housing Law, NJ.S.A. 40A:12A-l et seq.; and
\VHEREAS, on February 17,2005, the Borough Council, based on the recommendation
of the Planning Board, adopted ordinance number 05-9, approving and adopting a redevelopment
plan for the Redevelopment Area, entitled "Roosevelt A venue Light Industrial District
Redevelopment Plan" and dated December 30. 2004 (the "Redevelopment PlanlJ); and
\VHEREAS, F. Greek Newco 377, L.L.C. ("F Greek"), a New Jersey limited liability
company, has expressed a desire to redevelop the Redevelopment Area and proposes to construct
an approximately 250,000 square foot warehouse on the Redevelopment Area (the nproposed
Project"); and
\VHEREAS, F Greek is in the proces~ of negotiating for the purchase of the
Redevelopment Area from its current owner and it represents that it has identified a tenant for the
Proposed Project and has substantially negotiated a lease agreement with such prospective
tenant; and
\VHEREAS, the Borough Council hereby determines that the Proposed Project is
consistent with the Redevelopment Plan and that it meets the goals and objectives that the
Borough has established for the Redevelopment Area; and
\VHEREAS, the Borough wishes to conditionally designate F Greek as the redeveloper
of the Redevelopment Area and to engage in preliminary negotiations with F Greek in
furtherance of entering into a formal redevelopment agreement, ,,-lith said preliminary
negotiations to include the receipt and review of additional project specific information from F
Greek.
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. F Greek is hereby conditionally designated as the redeveloper of the
Redevelopment Area 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
Redevelopment Area
NO. 10-58
PAGE :2
Section 2. The within designation is hereby made for a limited period of one bundred
twenty (120) days, and is contingent upon F Greek providing any additional project related
information as may be requested by the Borough.
1
Section 3. The within designation is further contingent upon F Greek agreeing to
reimburse the Borough for any and all costs ~ssociated with the Borough's review of said
additional material and any subsequent efforts involved in negotiating a formal redevelopment
agreement between the Borough and F Greek. Said costs shall include, but not be limited to, the
. cost of any and all professional consultants retained by the Borough to review said materials
and/or assist the Borough in negotiating a formal redevelopment agreement. The Mayor is
hereby authorized to execute an agreement, in a form to be agreed upon by the Borough's Law
Director and Redevelopment Counsel, to provide for the payment of such costs by F Greek.
Section 4.
This resolution shall take effect immediately.
PdJptEd this 4th my of FeIxtmy, :ruo
arrl certified as a true a:py of lh=
or:ig:irnl on FeIxtmy 5, 2010.
KA1HlEEN M. BARNEY, t1'>l:
MJnicip3l Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN YES NO NY A.B. COUNCILMAN YES NO NY A.B.
n=T~~ , . KRLM
x X
nTA'7u X tw'lES x
il1M\crro x SIThRZ X
X-IndicaleVole AD-Absent NV - Not Voting XOR - Indicatesyote to Overrule Velo
Adopted at a meeting of the Municipal Council ~JJ€brugry 4, 2010
;b4&!A!-<C"~ ~A-~-d
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