232-22 Resolution Designating Studio Redeveloper.pdf

#12941392.2 168182/008 9081998 v2 #12941392.5 WHEREAS, the Township has been in discussions with Hackman Capital Partners, LLC (“HCP”) and the MBS Group, an affiliate of HCP, regarding redevelopment of the FSOD pursuant to the zoning standards under the Fourth Amended Redevelopment Plan; and WHEREAS, the project proposed by HCP and the MBS Group would be consistent with the Fourth Amended 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, in order to facilitate further and continued discussions of the proposed Project Improvements for the FSOD, on March 1, 2022, the Township adopted Resolution No. 44-2022 (the “Prior Resolution”), conditionally-designating the MBS Group as the redeveloper of the FSOD (the “Prior Designation”) and authorizing the execution of the Memorandum of Understanding and Interim Redevelopment Agreement (the “Prior MOU”); WHEREAS, the Prior Resolution provided that the Prior Designation and Prior MOU would be effective for a period of one hundred and eighty (180) days, subject to further extension by mutual agreement of the parties; and WHEREAS, the Township has continued its discussions of the proposed acquisition and development of the Downtown Redevelopment Area with representatives of the MBS Group and its related affiliate HCP, pursuant to the Prior Resolution; and WHEREAS, the Township has determined to let the Prior Resolution, Prior Designation and Prior MOU expire on August 27, 2022 and to adopt a superseding resolution designating HCP and any affiliate entity under the control of HCP (collectively, “Hackman”) as the redeveloper for the FSOD; and WHEREAS, the Township and Hackman have substantially advanced the negotiation of more detailed terms for the acquisition and development of the portions of the Downtown Redevelopment Area; and WHEREAS, the Township desires to adopt this resolution approving the conditional redeveloper designation of Hackman to facilitate negotiation of a redevelopment agreement with Hackman, superseding and replacing the Prior Resolution, Prior Designation and Prior MOU, each of which shall be of no further or continuing effect. NOW, THEREFORE BE IT RESOLVED, by the Township Council of the Township of West Orange, as follows: Section 1. Hackman is

ation and Prior MOU, each of which shall be of no further or continuing effect. NOW, THEREFORE BE IT RESOLVED, by the Township Council of the Township of West Orange, as follows: Section 1. Hackman is hereby conditionally designated as the redeveloper of the FSOD and the Township will negotiate exclusively with the Hackman Redeveloper to enter into a redevelopment agreement with respect to the Downtown Redevelopment Area. Section 2. The Township and Hackman shall each reserve the right, in their sole discretion, to determine whether and on what terms to enter into such an agreement.