Downtown Redevelopment

Edison Redevelopment Project

The Resolutions, Ordinances and Agreements considered by the Township Council with respect to the Downtown Redevelopment are summarized below. For ease of reference, please print or review the documents in the order that they appear.

February 21, 2012 Council Meeting - Items for Consideration: 

1) Resolution Approving Supplemented Exemption

This resolution accepts and approves the updated and supplemented application for long term tax exemption of GP 177 Main Urban Renewal, L.L.C. (the "Urban Renewal Entity"), an affiliate of Prism-Green Associates IV, LLC (the "Redeveloper") under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq., with respect to the Edison Battery Factory property (Block 66, Lots 1, 5 and 7).

2) Introduction of Bond and Special Assessment Ordinance

*Re-introduced at the March 6, 2012 Township Council meeting due to procedural error* 

This ordinance authorizes the issuance of not to exceed $6,300,000 general obligation bonds of the Township to fund infrastructure and parking improvements and environmental remediation in the Downtown Redevelopment Area. It also authorizes a special assessment agreement with the Urban Renewal Entity, as owner of the Edison Battery Factory property, so that the Urban Renewal Entity will pay half of the principal and interest due on the bonds. The ordinance was introduced on February 21, 2012. Second reading, public hearing and final adoption of the ordinance was considered at the March 6, 2012 Council meeting.

3) Introduction of Ordinance Approving Financial Agreement

This ordinance authorizes the execution of a financial agreement between the Township and the Urban Renewal Entity pursuant to the Long Term Tax Exemption Law, setting forth the terms of the payments in lieu of taxes to be made by the Urban Renewal Entity. The ordinance was introduced on February 21, 2012. Second reading, public hearing and final adoption of the ordinance was considered at the March 6, 2012 Council meeting.

March 6, 2012 Council Meeting - Items for Consideration:

1) Re-introduction of Bond and Special Assessment Ordinance Due to Procedural Error

This ordinance authorizes the issuance of not to exceed $6,300,000 general obligation bonds of the Township to fund infrastructure and parking improvements and environmental remediation in the Downtown Redevelopment Area. It also authorizes a special assessment agreement with the Urban Renewal Entity, as owner of the Edison Battery Factory property, so that the Urban Renewal Entity will pay half of the principal and interest due on the bonds. The ordinance was re-introduced due to a procedural error on March 6, 2012. Second reading, public hearing and final adoption of the ordinance was considered at the March 20, 2012 Council meeting.

March 20, 2012 Council Meeting - Items for Consideration:

1) Second Reading, Public Hearing and Final Adoption of Bond and Special Assessment Ordinance

This is the second reading, public hearing, and consideration of final adoption of the bond and special assessment ordinance described at Item #2, above.

2) Second Reading, Public Hearing and Final Adoption of Financial Agreement Ordinance

This is the second reading, public hearing, and consideration of final adoption of the financial agreement ordinance described at Item #3, above.

3) Resolution Approving Modification Agreement (Introduced at April 3, 2012 Council Meeting)

This resolution approves the execution of a modification agreement, which amends and supplements the redevelopment agreement entered into by the Township and the Redeveloper on December 20, 2006, as amended (the "Redevelopment Agreement") with respect to certain features of the Phase 1 Project, that is, the redevelopment of the Edison Battery Factory.

4) Resolution Approving Phase 1 Infrastructure Construction Agreement (Introduced at April 3, 2012 Council
 Meeting)

This resolution approves the execution of an infrastructure construction agreement between the Township and the Redeveloper setting forth the terms and conditions of certain infrastructure work to be conducted by the Urban Renewal Entity in the Downtown Redevelopment Area.

5) Additional information regarding the Edison Village Downtown Redevelopment Plan