WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq. (the “Redevelopment Law”) authorizes municipalities to determine whether certain parcels of land located therein constitute areas in need of redevelopment and to create redevelopment plans which provide development controls for any area so designated; and
WHEREAS, the City of Asbury Park (the “City”) designated certain parcels therein as an area in need of redevelopment (the “Springwood Avenue Redevelopment Area”), and thereafter adopted the Springwood Avenue Redevelopment Plan in accordance with N.J.S.A. 40A:12A-7 for the Springwood Avenue Redevelopment Area (the “Redevelopment Plan”); and
WHEREAS, the City has acquired land in the Springwood Avenue Redevelopment Area, and The Michaels Development Company I, L.P. proposes to develop the following sites in the Springwood Avenue Redevelopment Area, being known as:
Site B located at the southeast corner of Springwood Avenue and Sylvan Avenue comprising Block 702, Lots 2-4 and the Wesley Place right-of-way located between Lots 3 and 4.
Site C located at the southwest corner of Springwood Avenue and Sylvan Avenue comprising Block 803, Lots 21-29 and portion of Block 804, Lot 1, including the vacated portion of Lee’s Lane.
Site D located at the northwest corner of Springwood Avenue and Sylvan Avenue comprising Block 1206, Lots 13-21.
(collectively the “Project Area”); and
WHEREAS, The Michaels Development Company I, L.P. proposes to develop these sites with approximately 64 residential units and approximately 1,350 square feet of commercial space, (collectively the “Project”); and
WHEREAS, the City has designated The Michaels Development Company I, L.P. as the approved redeveloper selected by the City to implement this Project in this Project Area in the Springwood Avenue Redevelopment Area and as part of, and in furtherance of the Redevelopment Plan; and
WHEREAS, the City and The Michaels Development Company I, L.P. entered into that certain Redevelopment and Land Disposition Agreement dated September 5, 2014 (the “RDA”); and
WHEREAS, the Parties entered into that certain First Amendment to Redevelopment & Land Disposition Agreement dated September 1, 2016 (the “First Amendment”), which removed the Phase 2 Parcels from the RDA; and
WHEREAS, in furtherance of the RDA, the City and the Redeveloper entered into that certain Option Agreement to Enter into Ground Lease dated July 3, 2014 for the Ground Lease contemplated in the RDA, and subsequently entered into certain agreements to extend the Option Agreement to Enter Into Ground Lease, with the cumulative effect of extending the option to enter into the Ground Lease through June 30, 2017 (collectively the “Option Agreement”); and
WHEREAS, the Parties entered into that certain Second Amendment to Redevelopment & Land Disposition Agreement dated May 30, 2017 (the “Second Amendment”); and
WHEREAS, the Parties desire to further amend the RDA, as amended by the First and Second Amendments,
WHEREAS, the City and The Michaels Development Company I, L.P. negotiated an agreement entitled the: “Third Amendment to the Redevelopment and Land Disposition Agreement” (the “Third Amendment”) a copy of which is attached hereto as Exhibit A, with respect to the Project to ensure the success of the Project and the City desires to approve the same in accordance with the Act and the Springwood Avenue Redevelopment Plan; and
WHEREAS, the Mayor and City Council believe that the execution of the Third Amendment is in the best interests of the City and desires to approve the Third Amendment and authorize the execution of the same,
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF ASBURY PARK AS FOLLOWS:
Section 1. Recitals. The recitals hereto are fully incorporated herein as if set forth at length.
Section 2. Approval of the Third Amendment. The Third Amendment, and the related exhibits thereto, substantially in the form attached hereto as Exhibit A, is hereby approved, together with any changes, insertions and omissions thereto as the City Manager, after consultation with redevelopment counsel to the City, deem in their collective discretion to be necessary or desirable for the execution thereof.
Section 3. Execution of the Third Amendment. The Mayor of the City of Asbury Park, in the County of Monmouth is hereby authorized and directed, upon satisfaction of all the legal conditions precedent to the execution and delivery by the City of the Third Amendment, to execute the Third Amendment, together with each of the exhibits to which the City is a signatory, in substantially the form of the draft attached hereto and such changes as may be provided in accordance with Section 2 hereof.
Section 4. Attestation and Sealing of the Third Amendment. The Clerk of the City is hereby authorized and directed, upon the execution of the Third Amendment and required exhibits, including the Ground Lease, in accordance with the terms of Section 3 hereof, to attest to the signature of the Mayor upon such documents and is hereby further authorized and directed thereupon affix the corporate seal of the City upon such documents.
Section 5. Implementation of the Third Amendment. Upon the execution and attestation and placing of the seal on the Third Amendment as contemplated by Sections 3 and 4 hereof, the Mayor, City Manager and City staff and professionals are hereby authorized and directed to (i) deliver the fully executed, attested and sealed document to the other parties thereto, (ii) perform such other actions as the Mayor and/or City Manager deems necessary or desirable in relation to the execution and delivery of the Third Amendment and (iii) execute, deliver and accept the normal and customary documents in this regard and undertake all actions reasonably necessary to effectuate the purpose and intent of the Third Amendment and this Resolution.
Section 7. Effective Date. This Resolution shall take effect immediately.