52-22 Auth. Remedial Investigation Activities-Reporting-Phase II Environmental Site Assessment for Properties-Downtown.pdf

52-22 March 15, 2022 RESOLUTION AUTHORIZING REMEDIAL INVESTIGATION ACTIVITIES AND REPORTING TO THE PHASE II ENVIRONMENTAL SITE ASSESSMENT FOR PROPERTIES IN THE DOWNTOWN WHEREAS, on or about June 1, 2018, the Township of West Orange (the “Township”) entered into an Amended and Restated Redevelopment Agreement (the “Redevelopment Agreement”) with PRISM Green Associates IV, LLC (“Prism”) governing the terms and conditions for the Downtown Redevelopment consistent with the Redevelopment Plan for the Downtown Redevelopment; and WHEREAS, on May 25, 2021, the Township declared default under the Redevelopment Agreement which lead to Prism’s filing of a lawsuit in the Superior Court of New Jersey, Law Division, Essex County, Docket No. ESX-L-5706-21 (the “Lawsuit”); and WHEREAS, on September 14, 2021, the Council approved a settlement agreement between Prism and the Township to resolve the Lawsuit whereby the Township’s acquired certain properties (the “Properties”); and WHEREAS, the closing of the Properties occurred on February 28, 2022 and the Township now holds title to these Properties; and WHEREAS, the Township required the performance of various environmental review, evaluation Site Assessments for the Properties as part of the due diligence to acquire the Properties; and WHEREAS, the redevelopment plan has been amended; and WHEREAS, the Township owns 25 Lakeside Avenue, Block 115, Lot 16 which is the subject of various outstanding environmental issues (“DPW Site”); and