NUTLEY, NJ - Ordinances and resolutions related to Phase IIA of the On3 site, formerly the Hoffmann-La Roche campus, were approved during the Nutley Board of Commissioners Tuesday, Feb. 4 public meeting. Parks and Recreation Commissioner Mauro G. Tucci was absent excused.
John Inglesino of Inglesino, Webster, Wyciskala & Taylor, LLC in Parsippany, hired by the Township of Nutley as a special redevelopment council explained Resolutions 35-20; 36-20; and 37-20.
A public hearing was held for Ordinance No. 3436 adopting the amended Nutley Phase IIA Redevelopment Plan for the 14 acres of the On3 property. The amended ordinance permits occupants and visitors to utilize and access the parking garage/structure on Block 201, Lot V, for vehicle parking on a temporary basis up and until Sept. 30, 2020 was approved.
Inglesino said Ordinance 3436 will provide a short term fix for the Hackensack Meridian School of Medicine at Seton Hall University students to park in the new garage behind Buildings 100 and 200 on the On3 site while the medical school’s garage is being constructed. However, after Sept. 30, 2020 the garage will strictly be used for Buildings 100 and 200 prohibiting anyone else from parking there.
Resolutions 35-20; 36-20; and 37-20 relate to the redevelopment and financial agreements for Building 100 occupied by Ralph Lauren. As an aside, Inglesino said the redevelopment agreement for Building 100 is coming to an end as there is an effort being made to obtain a final approval for that building at which time the town will be able to provide a certificate of completion which will technically take Building 100 out of redevelopment process. The financial agreement is for 30 years in accordance with the terms set forth by the BOC.
Resolution 35-20 was approved authorizing the amendment to the redevelopment agreement by and between the Township of Nutley and PB Nutclif Master, LLC covering the Phase IIA redevelopment plan.
Resolution 36-20 was approved authorizing the township to consent to the partial assignment and assumption of both the redevelopment agreement and financial agreement relating to the transfer of Building 100 located within Phase IIA of the Hoffmann-La Roche redevelopment area.
The resolutions would transfer the assignment and assumptions of the redevelopment agreement and the financial agreement with respect to building 100 occupied by Ralph Lauren to Laulima Capital Investors, LLC in Hawaii. PB Nutclif Master, LLC has entered into a contract to sell that building to Laulima, who is a contract buyer.
There is tax abatement for building 100 and a redevelopment agreement both previously passed by the BOC. “Because […] there is a tax abatement involved here the agreements contemplate a process whereby the commissioners have an opportunity to do some due diligence on the incoming buyer which [the BOC has] done. We have sent out a checklist of items, particularly financial items and management items to ensure that the new buyer is a capable buyer both financially and from the perspective of management to be able to own these buildings.
Inglesino said most the commissioners have met with the principles of the new buyer.
Resolution 37-20 was approved authorizing escrow agreements with PB Nutclif Master, LLC providing payment/reimbursement of portions of the Hoffmann-La Roche redevelopment area.
Escrow agreements were made by the developer for Phase IIB and Phase III, the remainder of the site, to be redeveloped. According to Inglesino, those agreements provide the mechanism where the developer will place money into escrow to pay the town’s professionals for the work that they do and it does not come from taxpayer money. Outstanding bills will also be settled by the developer.
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