92-26 First Amendment to Redevelopment Agreement - Revised 3.3.26.pdf

2 4932-5755-6367, v. 1 Redevelopment Area and the execution of an Interim Redevelopment Agreement with the Redeveloper (the “Interim Agreement”) WHEREAS, the Redevelopment Area includes the properties identified as Block 9, Lot 36 and Block 7, Lot 22 on the tax maps of the Township known as 18 Central Avenue (the “Selecto-Flash Property”) currently owned by the Township following the issuance of a final judgment dated December 7, 2016 in an In Rem Tax Foreclosure, as well as Block 9, Lot 32, acquired by the Township by Deed dated October 2, 2018 (the “Subject Properties”); and WHEREAS, on September 4, 2018, the Township Council adopted Resolution 192-18 which authorized the execution of a First Amendment to Interim Agreement between Township and The Alpert Group, LLC (the “First Interim Agreement Amendment”); and WHEREAS, on December 11, 2018, the Township Council adopted Resolution 270-18 which authorized the execution of a Second Amendment to Interim Agreement between Township and The Alpert Group, LLC (the “Second Interim Agreement Amendment”); and WHEREAS, on March 18, 2021, the Township and The Alpert Group, LLC entered into a Redevelopment Agreement (hereinafter “Redevelopment Agreement”)(collectively the Redevelopment Agreement, Interim Agreement, First Amendment and Second Amendment are referred to herein as the “Redevelopment Agreements”); and WHEREAS, by Assignment and Assumption Agreement dated November 3, 2025, The Alpert Group assigned its rights and obligations under the Redevelopment Agreements to 18 Central Avenue Urban Renewal, LLC; and WHEREAS, the Redevelopment Agreements remain in full force and effect; and