Public Notice:
TOWNSHIP OF HOLMDEL
ORDINANCE NO. 2014-17 AN ORDINANCE OF THE TOWNSHIP OF HOLMDEL APPROVING THE FINANCIAL AGREEMENT FOR A LONG TERM TAX AGREEMENT WITH THE REDEVELOPER OF THE FORMER BELL SITE PURSUANT TO THE NEW JERSEY LONG TERM TAX EXEMPTION LAW (N.J.S.A. 40A:20-1 ET SEQ.) WHEREAS, the Township Committee and Township Planning Board of the Township of Holmdel have engaged in multiple investigations and studies pursuant to the requirements of the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq. (the “Redevelopment Law”) relating to the former Bell Laboratories property consisting of approximately 473 acres located in the Township along Crawfords Corner Road and Roberts Road with frontage on Middletown Road and known as block 11, lots 38, 38.02, 73.01, 73.02, 73.03 and 73.04 on the Township tax map (the “Former Bell Site”); and WHEREAS, such investigations and studies resulted in the Township, by resolution dated May 5, 2011, designating the Former Bell Site as an “as an area in need of rehabilitation” and subsequently, by resolution dated May 3, 2012, “as area in need of redevelopment” under the terms of the Redevelopment Law; and WHEREAS, on May 17, 2012, the Township Committee adopted Ordinance No. 2012-12, approving and adopting the Alcatel Lucent Redevelopment Plan dated April 2012 prepared by CME Associates (the “Redevelopment Plan”); and WHEREAS, the Redevelopment Plan proposes the reuse of the existing approximately 1,675,000 square foot main building on the Land that makes up a portion of the Former Bell Site (the “Property”) to transform the underutilized building into an economically and socially productive use which will contribute to the general welfare of the Township; and WHEREAS, the Entity will be the redeveloper of the Property and will enter into an agreement with the Township governing the terms and conditions of said redevelopment (the “Redevelopment Agreement”); and WHEREAS, the Entity has made a written application (the “Application”) to the Mayor and Committee for a long term tax exemption pursuant to the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. (the “Exemption Law”), for the improvements to be constructed at the Building as part of the Project; and WHEREAS, the provisions of the Exemption Law authorize the Township to accept annual service charges in lieu of real property taxes paid by the Entity to the Township; and WHEREAS, the Project will be subject to the requirements of the Exemption Law, N.J.S.A. 40A:20-1 et seq.; and WHEREAS, the Redeveloper is an urban renewal entity duly formed in accordance with the Exemption Law and approved by the Department of Community Affairs; and WHEREAS, a Financial Agreement has been negotiated between the Township and Redeveloper in accordance with the Exemption Law, a copy of which is attached hereto as Exhibit A; and WHEREAS, the said Financial Agreement will be on file in the Office of the Township Clerk. NOW, THEREFORE, BE IT ORDAINED, by the Township Committee of the Township of Holmdel, in the County of Monmouth, that the Financial Agreement negotiated by and between the Township and the Redeveloper, for the Former Bell Site property is hereby approved. BE IT FURTHER ORDAINED, that the Mayor is authorized to execute on behalf of the Township the said Financial Agreement in substantially the same form as that attached hereto as Exhibit A, to be agreed to and approved by Township counsel and the Redeveloper. BE IT FURTHER ORDAINED, that all ordinances or parts of ordinances inconsistent with the provisions of this Ordinance be and the same hereby are repealed. BE IT FURTHER ORDAINED, that if any portion or clause of this Ordinance is declared null and void for any reason whatsoever, same shall not affect the validity or constitutionality of any other part or portion of this Ordinance. BE IT FURTHER ORDAINED, that this Ordinance shall become effective immediately upon final passage and publication as required by law, as the “Ordinance Approving the Financial Agreement for the Former Bell Site.” PUBLIC NOTICE is hereby given that the foregoing proposed Ordinance was introduced and read by title for the first time at the June 5, 2014, meeting of the Township Committee of the Township of Holmdel and this Ordinance will be considered for final passage at the June 17, 2014, meeting of the Township Committee to be held at 7:30 p.m. or as soon thereafter as the matter may be reached at Holmdel Township Municipal Building, Council Chambers, 4 Crawfords Corner Road, Holmdel, New Jersey, at which time and place all persons interested will be given an opportunity to be heard concerning same. Maureen Doloughty, Municipal Clerk ($117.00) 091831
Public Notice ID: 21427043.HTM
