Township Council Meeting — Packet

WHEREAS, the Redeveloper has expressed an interest in purchasing and redeveloping the Township Properties (also referred to collectively as the “Project Site”) in accordance with the permitted uses set forth in the FSOD under the Redevelopment Plan as a film and video production campus of between 150,000 to 300,000 square feet (the “Project”); and WHEREAS, the Township determined that Redeveloper meets all necessary criteria, including financial capabilities, experience, expertise and project concept for redevelopment of the Project Site and, as a result, determined to engage exclusively in negotiations with Redeveloper for the purpose of entering into a Redevelopment Agreement to designate Redeveloper as the exclusive redeveloper of the Project Site; and WHEREAS, the Redevelopment Law, N.J.S.A. 40A:12A-8(f), authorizes the Township to arrange or contract with a redeveloper for the undertaking of any project or redevelopment work in an area designated as an area in need of redevelopment; and WHEREAS, the Township has been in discussions with Redeveloper regarding redevelopment of the Redevelopment Area pursuant to the FSOD development standards under the Redevelopment Plan; and WHEREAS, on December 5, 2023, the Township adopted Resolution Number 405-23, designating Redeveloper as redeveloper for the Project Site and authorizing the execution of the redevelopment agreement (the “Redevelopment Agreement”), pursuant to which Redeveloper made certain payments to the Township and conducted further due diligence of the Township Properties, within the limited time frames specified in the Redevelopment Agreement; and WHEREAS, Redeveloper had advanced its due diligence and preliminary work with respect to the Project to the point that the Parties negotiated and executed a First Amendment to Redevelopment Agreement, on September 26, 2024, (the “Redevelopment/Purchase Agreement”), setting forth the specific terms upon which Redeveloper will purchase the Township Properties, conduct further due diligence of the Township Properties within the time frames specified in the Amendment, extend Redeveloper’s status as the designated redeveloper for the Project Site and make certain related amendments to the Redevelopment Agreement; and WHEREAS, the Parties have recently been significantly re-engaged in discussions to advance the Project and the environmental remediation of the

n related amendments to the Redevelopment Agreement; and WHEREAS, the Parties have recently been significantly re-engaged in discussions to advance the Project and the environmental remediation of the Project Site, which will require additional time; and WHEREAS the Parties have engaged in negotiations and discussions to expeditiously advance the Project and the remediation, and wish to proceed to implement such efforts to advance the Project, upon the terms and conditions as set forth in a Second Amendment to the Redevelopment/Purchase Agreement, substantially in the form attached here to Exhibit A (the “Second Amendment”). #95894292.2