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HomeMy Public PortalAboutr 10-181 ~ezoltttiOtt of fIre ~OXOLtrr1r of illcrrferd ~ '1( No. 10-181 4)) c-v.> ill ~ Date of Adoption ,July 22, 2010 RESOLUTION OF THE BOROUGH OF CARTERET CONDlTIONALL Y DESIGNATING Ii\'VESTORS SAVINGS BANK AS THE REDEVELOPER FOR CERTAIN PROPERTY WITHIN THE WASHINGTON A VENUE REDEVELOPMENT AREA Ai'll) AUTHORIZING RESULTANT AGREEMENTS THEREFROM 'VHEREAS, the Local Redevelopment and Housing Law, NJ.S.A. 40A:12A-l et seq., as amended and supplemented (the "Redevelopment law"), provides a process for municipalities to participate in the redevelopment and improvement of areas in need of redevelopment; and 'VHEREAS, in accordance with the Redevelopment Law, the Borough of earteret (the "Borough") previously determined, based upon the recommendation of the Borough's Planning Board, that certain designated properties collectively constituted an area in need of redevelopment under the law, and designated the same as the Washington A venue Redevelopment Area, (collectively, the "Redevelopment Area"); and \VHEREAS, the Borough adopted a redevelopment plan for the Redevelopment Area (the "Redevelopment Plan"), which shall control the redevelopment of the Redevelopment Area; and \VHEREAS, the Borough desires to engage in preliminary negotiations with Investors Savings Bank (the "Bank"), in furtherance of entering into a formal redevelopment agreement for the redevelopment of that portion of the Redevelopment Area consisting of Block 149, Lots 1,2 and 4 (the "Project Area"); and \VHEREAS, the Borough desires to enter into that certain Pre-Development Agreement with the Bank in a form and as reconunended by the Borough's Law Director to establish an escrow fund with the Borough to provide for the payment of the Borough's professional fees, costs and expenses related to the Redevelopment Area and the negotiation and execution of a redevelopment agreement and matters related thereto; and NOW, THEREFORE, BE IT RESOLVED as follows: Section 1. The Bank is hereby conditionally designated as the redeveloper for the Project Area for an initial period of ninety (90) days, or as otherwise may be extended in accordance with Section 2 hereof, during which time negotiation and execution of a redevelopment agreement with the Borough shall be completed. Section 2; The Mayor, Chief Financial Officer, or Director of Law (each an "Authorized Officer") are hereby each severally authorized, after consultation with such counsel and any advisors to the Borough (collectively, the "Borough Consultants"), as such Authorized Officer deems necessary, desirable or convenient, in such Authorized Officer's sole discretion, to extend the time period set forth in Section I hereof, but in no event shall such additional period exceed ninety (90) days beyond the time period set forth in Section 1 hereof. NO. 10-181 PAGE 20f 2 Section 3. In the event that the Bank has not executed a redevelopment agreement or such other similar agreement with the Borough for the redevelopment of the Project Area, all in accordance with the time periods set forth in Section 1 hereof, or as otherwise may be extended by an Authorized Officer, in such Authorized Officer's sole discretion, in accordance with Section 2 hereof, the Borough's conditional designation of the Bank as redeveloper for the Project Area shall expire and be of no further force and effect and the Borough shall have no further obligation to the Barne Sectio1l4. The above referenced Pre~Development Agreement is hereby authorized to be executed ,and delivered on behalf of the Borough by the appropriate Borough Officials, all in a form acceptable to the Borough's Law Director. Section 5. The appropriate Borough Officials and/or Authorized Officers are hereby authorized and directed to perform such other actions deemed necessnry, desirable or convenient to effectuate and implement the purposes provided for herein. Section 6. The appropriate Borough Officers and/or Authorized Officers are hereby further authorized to execute and implement a formal Redevelopment Agreement with Investors Savings Bank should the Borough and Investors successfully negotiate such an agreement as provide for herein, all in a form acceptable to the Borough's Law Director, and in such case, the appropriate Borough Officials, and/or Authorized Officers, are hereby authorized and directed to perform such other actions deemed necessary, desirable or convenient to effectuate and implement the purposes provided for therein. Section 7. All actions of the Authorized Officers and the Borough Consultants taken prior to the date of adoption hereof in connection with the Redevelopment Area, including without limitation, the Pre-Development Agreement, are hereby ratified and approved. SectionS. prescribed by law. This resolution shall take effect at the time and in the manner Section 9. Upon the adoption hereof, the Borough Clerk shall forward certified copies of this resolution to Matthew C. Karrenberg, Esq., DeCotiis, FitzPatrick & Cole, LLP, Special Redevelopment Counsel to the Borough. Adopted this 220' day of July, 2010 and certified as a true copy of the original on July 23", 2010. KATHLEEN M. BARt'lEY, MMC Municipal Clerk COUNCILMAN YES NO NY A.B. COUNCILMAN YES NO NY A.B. BE'TT"" X ~gUfl X DIAl X NAPLES X DI MASCIO X SITARl X - X . IndicatcYote AB -Absent NY - Not Voting XOR - (ndil'aICS Vole to Overrule Vein Adopted :It <l meeting of {he Municipal Council ~ 22,2010 . . x=1.re:e:.:JJJI/zj"<A.~ V /, . CLERK RECORD OF COUNCIL VOTE (31--"