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

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 site plan 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; and WHEREAS, the protection period for the approval is expiring on May 5, 2026 pursuant to N.J.S.A. 40:55D-52 due to allowable extensions being exhausted; 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 and prior to its purchasing the Property so that the Township still remains eligible to pledge grant monies it secures for remediation to the site from the New Jersey Hazardous Discharge Site Remediation Fund; and WHEREAS, the Township desires to support the completion of the Project by granting a new license to the Redeveloper to permit it to perform preliminary work on the Project, including but not limited to clearing, grading, excavation, construction of stormwater management facilities, pouring of foundations and related work in order to preserve its site plan approval, subject to the conditions set forth in this Agreement.