200-13 Acquisition-549 Valley Payment to Prestige-Cancellation of taxes 10.29.13.pdf

200-13 October 29, 2013 RESOLUTION WHEREAS, the Township of West Orange has, for several years, planned to acquire Block 27, Lot 47 on the Tax Map of the Township, more commonly known as 549-51 Valley Road in the Township (the “Property”); and WHEREAS, the Property was previously used as an automotive gas station and has been listed as a Brownfield Site within the West Orange/Orange Brownfield Development Area (“BDA”) as designated by the New Jersey Department of Environmental Protection (“NJDEP”); and WHEREAS, pursuant to various authorizing Resolutions adopted by the Township Council, beginning with Resolution No. 16-06, the Township executed option agreements and several extensions thereof which allowed the Township the option to purchase the Property from the owner, KYYS Holdings, LLC ("KYYS") for purposes of redevelopment; and WHEREAS, acquisition of this Property would allow the Township to redevelop it for a beneficial use for the Township and its residents; and WHEREAS, KYYS has agreed to transfer and convey its interest in the Property to the Township, via Quitclaim Deed, for the amount of One Dollar ($1.00); and WHEREAS, KYYS has executed, and the Township’s Law Department has received all documents required to transfer title from KYYS to the Township; and WHEREAS, Prestige Title Agency, Inc. (“Prestige Title”) has reviewed all documents required to transfer title to the Township, and agreed to record all documents with the Essex County Register to confirm the transfer of title to the Township, pursuant to a fee schedule annexed hereto as Attachment “A”; and WHEREAS, Prestige Title has provided a Title Commitment Policy confirming that it will insure title to the Property for the minimum fee allowable by law, which policy is attached as Attachment “B”; and