44-22 MOU-Studio Interim Redevelopment Agreement.pdf

1 #12941409.1 44-22 MEMORANDUM OF UNDERSTANDING AND INTERIM REDEVELOPMENT AGREEMENT THIS MEMORANDUM OF UNDERSTANDING AND INTERIM REDEVELOPMENT AGREEMENT (this “MOU”) dated as of March 1, 2022 by and between The MBS Group, having an address of 1600 Rosecrans Avenue, Manhattan Beach, California 90266, and/or its assignee, as provided herein (the "Conditional Redeveloper"), and the TOWNSHIP OF WEST ORANGE, a municipal corporation of the State of New Jersey, having offices at 66 Main Street, West Orange, NJ 07052 (the “Township”), collectively referred to as the “Parties.” WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq., as amended and supplemented (“Redevelopment Law”), provides a process for municipalities to participate in the redevelopment and improvement of areas in need of redevelopment; and WHEREAS, the Township, acting by resolution, determined that a portion of the downtown was an “area in need of redevelopment” (the “Downtown Redevelopment Area”) in accordance with N.J.S.A. 40A:12A-6(b); and WHEREAS, on February 9, 2003 the Township Council approved an Ordinance adopting a redevelopment plan for the Downtown Redevelopment Area (the “Original Redevelopment Plan”); and WHEREAS, the Original Redevelopment Plan has been amended by “Amendments to Downtown Redevelopment Plan,” the “First Amendment,” adopted August 15, 2006, the “Second Amendment,” adopted March 6, 2007, and the “Third Amendment,” adopted in 2010; and