92-26 Authorizing Execution of First Amendment to Redevelopment Agmt.-18 Central Ave_.pdf

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 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 by performing remediation services for the removal of environmental contaminants; 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