Township Council Meeting — Agenda

196-22 July 19, 2022 RESOLUTION Authorizing the Execution of a Purchase and Sale Agreement With Estate of Donald J. Carroll For Property Designated as Block 64, Lots 3, 25 and 27 WHEREAS, pursuant to the Local Redevelopment and Housing Law (N.J.S.A. 40A:12A-1, et seq.) (the “LRHL”), the Township Council of the Township of West Orange (the “Township”), acting by resolution, determined that an area of the downtown was an “area in need of redevelopment” in accordance with N.J.S.A. 40A:12A-6(b) (the “Redevelopment Area”); and WHEREAS, on February 9, 2003 the Township approved an Ordinance adopting a redevelopment plan for the Downtown Redevelopment Area, which redevelopment plan has been amended from time to time, most recently by a Fourth Amended Downtown Redevelopment Plan, adopted September 14, 2021 (as amended, the “Redevelopment Plan”); and WHEREAS, the Estate of Donald J. Carroll (the “Carroll Estate”) is the owner of certain real property located in the Township of West Orange, County of Essex, New Jersey, located at 28-32 Ashland Avenue, West Orange, New Jersey, designated as Block 64, Lots 3, 25 and 27 on the Township of West Orange Tax Map (the “Property”); and WHEREAS, the Property is located within the Redevelopment Area and is subject to the Redevelopment Plan, which identifies the Property as a property to be acquired in connection with the implementation of the Redevelopment Plan, and which Property is authorized to be acquired through the power of eminent domain, pursuant to N.J.S.A. 40A:12A-8(c); and WHEREAS, on or about February 28, 2020, the Carroll Estate filed a lawsuit against the Township and the previously-designated redeveloper for the Redevelopment Plan, captioned Estate of Donald J. Carroll vs. Prism Green Associates IV, LLC, et al., Docket No. ESX-C-36- 20, which matter was appealed by the Carroll Estate and assigned Docket No. A-003020-20T4 (the “Court Action”); and WHEREAS, on September 29, 2021, the Township made a formal written offer to the Carroll Estate to purchase the Property, after which the parties engaged in good faith negotiations, pursuant to N.J.S.A. 20:3-6; and WHEREAS, on October 26, 2021, the Township adopted Ordinance

rroll Estate to purchase the Property, after which the parties engaged in good faith negotiations, pursuant to N.J.S.A. 20:3-6; and WHEREAS, on October 26, 2021, the Township adopted Ordinance #2662-21, authorizing the acquisition of properties within the Redevelopment Area, including the Property, and the financing of such acquisitions through the issuance of general obligation bonds or notes in one or more series in an aggregate principal amount of not to exceed $7,000,000 pursuant to the Local Bond Law and the LRHL; and WHEREAS, the parties have reached agreement on the terms for the sale and conveyance of the Property in lieu of condemnation proceedings, in the form of Purchase and 1 #13245526.1 168182/005