Hoboken
NJ

CC - Resolution
19-778

Resolution of the City of Hoboken Authorizing the Execution of an Interim Cost and Conditional Designation Agreement with Madison Street Capital 931 Llc Including Provisions for an Escrow Deposit to Defray the City’s Costs Incurred in the Negotiation of a Redevelopment Agreement

Information

Department:Community DevelopmentSponsors:
Category:Agreement

Attachments

  1. Printout
  2. Interim Cost and Conditional Designation Agreement (270829x9DC53) (This file has not yet been converted to a viewable format)
  3. Pre-App Compliance Review_931 Madison_20191008

Body

WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq., as amended and supplemented (the "Act"), provides a process for municipalities to participate in the redevelopment and improvement of areas in need of redevelopment; and,

 

              WHEREAS, the City desires that the land located in an area which has been determined to be an area in need of redevelopment in accordance with the Act, designated as Block 95, Lots 11 through 16 on the Tax Map of the City of Hoboken and more commonly known as 921 – 931 Madison Street, Hoboken, New Jersey 07030 (the “Project Site”), be redeveloped in accordance with the Northwest Redevelopment Plan (the “Redevelopment plan”); and,

 

              WHEREAS, Madison Street Capital 931, LLC (“Madison Street Capital”) is the current owner of the Project Site; and,

 

WHEREAS, Madison Street Capital submitted a Pre-Submission Form and certain accompanying project plans to the City on or about June 27, 2019 (collectively, the “Original Pre-Submission Form”) seeking to be designated as the Redeveloper of the Project Site; and,

             

              WHEREAS, the Proposal would provide for the development of a commercial and residential mixed-use building; which will include thirty-six (36) residential units, 10,400 square feet of ground floor commercial space and a total of thirty-one (31) parking spaces; and,

 

              WHEREAS, the City and Madison Street Capital desire to negotiate a Redevelopment Agreement to redevelop the Project Site based generally upon the Proposal as a starting point for negotiations, subject to the provisions herein, and further review by the City; and,

 

              WHEREAS, accordingly, the City has prepared a form of Interim Cost and Conditional Designation Agreement, a copy of which is attached hereto as Attachment A, whereby Madison Street Capital would pay the reasonable costs incurred by the City in reviewing and further evaluating the Proposal, negotiating and drafting a Redevelopment Agreement (should a Redevelopment Agreement ultimately be executed), and all other costs and expenses related to this matter, prior to either the execution of a Redevelopment Agreement or a determination by the City that a Redevelopment Agreement cannot be executed, as the case may be; and,

 

WHEREAS, as it is further acknowledged in the form of Interim Cost and Conditional Designation Agreement attached hereto, the components of the Proposal, including any phasing of the project and the provision of community benefits are subject to negotiation.     

 

NOW, THEREFORE, it is hereby resolved by the City Council of the City of Hoboken as follows:

 

1.              The Mayor is hereby authorized to execute an Interim Cost and Conditional Designation Agreement between the City of Hoboken and Madison Street Capital 931 LLC, in a form substantially as that attached hereto as Attachment A.

 

2.              Staff and consultants to the City are hereby authorized and directed to take all other administrative actions to implement this Resolution as are necessary and appropriate to accomplish its goals and intent.

 

3.              This Resolution shall be effective immediately.

 

Meeting History

Oct 16, 2019 7:00 PM Video City Council Regular Meeting
draft Draft
RESULT:ADOPTED [UNANIMOUS]
MOVER:Michael Russo, 3rd Ward Council Member
SECONDER:Peter Cunningham, 5th Ward Council Member
AYES:Peter Cunningham, Mike DeFusco, James Doyle, Vanessa Falco, Tiffanie Fisher, Emily Jabbour, Ruben Ramos, Michael Russo, Jennifer Giattino