64-18 Authorizing Closing for Purchase of 665 Eagle Rock Avenue and Purchase of Title Insurance.pdf

64-18 February 6, 2018 RESOLUTION WHEREAS, on September 19, 2017, the Township Council for the Township of West Orange (the “Township”) adopted Resolution 208-17 authorizing the Township to execute an Agreement to purchase the real property located on Block 176.03, Lot 10 on the Township of West Orange Tax Map, commonly known as 665 Eagle Rock Avenue or 659 Eagle Rock Avenue (the “Property”) for the purpose of additional parking (“Agreement of Sale”); and WHEREAS, the Agreement of Sale provided that: (1) the deadline for the Township to close on the purchase of the Property was November 30, 2017 (the “Initial Closing Deadline”); and (2) that the Township would have until October 31, 2017 to perform its due diligence prior to the closing on the purchase of the Property (the “Initial Due Diligence Deadline”); and WHEREAS, pursuant to Resolution 200-17, the Township retained Matrix New World at 26 Columbia Turnpike in Florham Park, New Jersey (“Matrix”) to perform a Preliminary Assessment and Phase I Environmental Site Assessment on the property as part of the Township’s due diligence; and WHEREAS, pursuant to Resolution 201-17, the Township retained David Isabel, Esq. of McManimon, Scotland and Bauman (“Isabel”) as Special Environmental Counsel as part of the Township’s due diligence; and WHEREAS, during the Township’s due diligence, Matrix performed Geophysical Testing on the Property as authorized by Resolution 240-17 and oversaw excavation to investigate an identified anomaly to determine whether a previously unidentified underground storage tank existed on the Property as authorized by Resolution 25-18; and WHEREAS, the Initial Closing Deadline was extended until February 28, 2018; and WHEREAS, the Initial Due Diligence Deadline was extended until January 31, 2018; and