Town of Kearny
New Jersey

Ordinance
(O)-2018-29

An Ordinance Authorizing an Amendment to the Financial Agreement with KPIP Urban Renewal I, LLC
for Property at 78 John Miller Way (Block 294, Lot 12)

Information

Department:Town AttorneySponsors:Council Member Susan McCurrie
Category:Financial Agreement

Body

              WHEREAS, on December 16, 2014, the Mayor and Council of the Town of Kearny adopted an Ordinance approving a Financial Agreement with KPIP Urban Renewal I, LLC for 78 John Miller Way (Block 294, Lot 12) (“Financial Agreement”); and

 

              WHEREAS, KPIP Urban Renewal I, LLC (the “Entity”) has been renovating the approximately 200,000 sq. ft. industrial building located on the Property (the “Improvements”) as commercial condominium units (hereinafter the “Project”); and

 

              WHEREAS, the Entity has requested an amendment to the Financial Agreement in connection with the proposed interior renovation of the condominium unit currently referred to as the “Annex”; and

 

              WHEREAS, the Town’s consultants, NW Financial LLC, considered the fiscal impact of the Project and have concluded that the Annex renovation, which includes the construction of a mezzanine area that will increase the usable square footage of the Annex, would not be economically viable without approval of the Amendment, and that the Amendment will provide positive economic benefits to the Town while promoting the continued redevelopment of the building at 78 John Miller Way; and

 

              WHEREAS, the Town and the Entity wish to amend the Financial Agreement;

 

              NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE TOWN OF KEARNY, HUDSON COUNTY, NEW JERSEY THAT:

 

1.              The recitals above are fully incorporated herein.

 

2.              The Mayor is hereby authorized and directed, subject to the satisfaction of all legal requirements and such specific conditions as are enumerated in this Ordinance, to execute an Amendment to Financial Agreement with the Entity, in substantially the form attached hereto, but with such non-material changes insertions or deletions as the Mayor, in consultation with the Town Attorney, deems in his sole discretion necessary or desirable, with such execution by the Mayor to be deemed as conclusive evidence of the Mayor’s consent to such changes, insertions or deletions.

 

3.              The Clerk of the Town is hereby authorized and directed, upon execution of the Amendment to Financial Agreement in accordance with the terms of this ordinance, to attest to the signature of the Mayor and to affix the corporate seal of the Town thereto.

 

4.              This Ordinance shall not be in force and effect until such time as all of the following conditions have been satisfied

 

(a)              The Entity has paid to the Town all fees and charges required by the Financial Agreement as of the date hereof.

 

(b)              The Entity has submitted such additional information regarding the Project, as may be requested by the Town.

 

5.              The Clerk of the Town is hereby authorized and directed to publish this Ordinance at the times and in the manner required by law and to make a copy of this ordinance available for inspection by the public at the offices of the Town during the Town’s normal business hours.

 

6.              The Clerk of the Town is hereby authorized and directed to sent a copy of this Ordinance and the executed Amendment to the Financial Agreement to the Director of the Division of Local Government Services in the NJ Department of Community Affairs.

 

7.              This ordinance shall take effect upon final passage and publication in the manner provided by law.

Meeting History

May 22, 2018 7:00 PM  Council Caucus / Regular Meeting
draft Draft
RESULT:INTRODUCED [UNANIMOUS]Next: 6/13/2018 7:00 PM
MOVER:Susan McCurrie, Council Member
SECONDER:Albino Cardoso, Council Member
AYES:Carol Jean Doyle, Susan McCurrie, Eileen Eckel, Albino Cardoso, Marytrine DeCastro, Peter Santana, Alberto G. Santos
ABSENT:Michael Landy, Richard Konopka

Discussion