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

3 4932-5755-6367, v. 1 WHEREAS, as set forth in the Redevelopment Agreements, the Parties have made certain agreements and commitments with respect to certain properties located in the Redevelopment Area, including the Subject Properties; and WHEREAS, pursuant to Sections 2.08 and 3.03 of the Interim Agreement, the Redeveloper was granted a license to access the Subject Properties to advance the Project; and WHEREAS, the Redevelopment Agreements provided that, based on the outcome of remediation to be undertaken on the Subject Properties and an application for land use approvals to develop the Subject Properties, the Redeveloper shall purchase the Subject Properties from the Township; and WHEREAS, by Resolution adopted May 5, 2021, the West Orange Planning Board granted Redeveloper approval to construct a mixed use development (the “Project”) on the Subject Properties; and WHEREAS, by Resolutions adopted on April 12, 2023, March 12, 2024, and March 19, 2025, the Planning Board extended its 2021 approval to May 5, 2026, by which time construction is to commence in order to preserve the aforesaid approval; and WHEREAS, the redevelopment of the Subject Properties has been delayed in part due to the environmental remediation effort, the need to address regulatory permitting issues with the New Jersey Department of Environmental Protection (“NJDEP”) under the Flood Hazard Area Control Act, and the COVID-19 emergency; and WHEREAS, Redeveloper desires to commence preliminary construction of the Project while remediation continues, with the subsequent purchase and closing of the Subject Properties by the Redeveloper on a date to be determined by the Redeveloper based on the status of the