44-22 MOU-Studio Interim Redevelopment Agreement.pdf

3#12941409.1 WHEREAS, the Redevelopment Law, N.J.S.A. 40A:12A-8(f), authorizes the Township to arrange or contract with a redeveloper for the undertaking of any project or redevelopment work in an area designated as an area in need of redevelopment; and WHEREAS, the Township has been in discussions with Conditional Redeveloper regarding redevelopment of the Project Site pursuant to the FSOD zoning standards under the Fourth Amended Redevelopment Plan; and WHEREAS, project proposed by Conditional Redeveloper will be consistent with the current redevelopment plan; and WHEREAS, the redevelopment work will call for, among other things, demolition of existing improvements and construction of new improvements (the “Project Improvements”); and WHEREAS, the Township and Conditional Redeveloper have engaged in such preliminary negotiations and the Township has determined that it is in the best interests of the Township to enter into additional and further negotiations with Conditional Redeveloper and therefore to enter into this MOU with Conditional Redeveloper regarding redevelopment of the Project Site. NOW, THEREFORE, in consideration of the Parties’ promises and mutual representations, covenants and agreements set forth herein, the Parties, each binding itself, its successors and assigns, do hereby mutually promise, covenant and agree as follows: 1. Designation as Conditional Redeveloper. The Township has, pursuant to Resolution No. 44-22, designated The MBS Group as Conditional Redeveloper for the Project Improvements on the Project Site within the Downtown Redevelopment Area, pursuant to this MOU, and hereby agrees to negotiate solely and exclusively with Conditional Redeveloper for a