44-22 Resolution Designating Studio Redeveloper.pdf

#12941392.1 168182/008 Block 64, Lots 2.01, 2.03, 2.04, 3.02, 28, 30, 31, 32, 33, 34, 34.01, 38, 42.02, 49 and 49.01, located East of Ashland Avenue, South of Lakeside Avenue and West of Standish Avenue; and Block 115, Lots 15, 16 and 16.01 and 51, located North of Lakeside Avenue, West of Watchung Avenue and South of Columbia Street (all of the foregoing properties comprising the FSOD referred to herein as the “Project Site”); and 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 has determined that it is appropriate to conditionally designate The MBS Group as the redeveloper of the Project Site and to authorize the execution of the Memorandum of Understanding and Interim Redevelopment Agreement, in the form attached hereto as Exhibit A. NOW, THEREFORE BE IT RESOLVED, by the Township Council of the Township of West Orange, as follows: Section 1. The MBS Group or its assignee (“MBS”) is hereby conditionally designated as the redeveloper of the Project Site and the Township will negotiate exclusively with MBS to enter into a redevelopment agreement with respect to the Project Site. Section 2. The Township and MBS shall each reserve the right, in their sole discretion, to determine whether and on what terms to enter into such an agreement. Section 3. The within designation is hereby made for a limited period of one hundred and eighty (180) days from the date hereof, subject to extension by mutual agreement of the parties. Section 4. The execution of the Memorandum of Understanding and Interim Redevelopment Agreement in the form attached hereto as Exhibit A by the Mayor is hereby is hereby authorized and approved.