Public Notice- Cap Bank Glassboro NJ
NOTICE OF INTRODUCTION
ORDINANCE # 25 – 04
CALENDAR YEAR 2025 ORDINANCE TO EXCEED THE MUNICIPAL BUDGET
APPROPRIATION LIMITS AND TO ESTABLISH A CAP BANK (N.J.S.A. 40A: 4-45.14)
TAKE NOTICE that the foregoing Ordinance was introduced at a meeting of the Mayor and Council of
the Borough of Glassboro held on Tuesday, February 11, 2025, and was then read for the first time. The
said Ordinance will be further considered for final passage by the said Mayor and Council at the
Municipal Building, 1 South Main Street, Glassboro, New Jersey, at a meeting beginning at 7:00 p.m. on
Tuesday, February 25, 2025, at which time and place, or any time and place to which such meeting may
be adjourned, all persons interested will be given an opportunity to be heard concerning such Ordinance.
BY ORDER of the Mayor and Council of the Borough of Glassboro. BOROUGH OF GLASSBORO KAREN COSGROVE, RMC Municipal Clerk
(published in The Sentinel of Gloucester County Weekly Printed Edition Week of 2/13/2025)
INTRODUCTION: 02-06-2025
PUBLIC HEARING: 02-25-2025
WHEREAS, pursuant to N.J.S.A. 40A:12A-7, a governing body may adopt, revise or amend a redevelopment plan; and WHEREAS, pursuant to its plans for the revitalization of the Borough of Glassboro, the Borough Council has determined that it is in the best interest of the Borough to adopt an amendment to the Third Amendment to effectuate the redevelopment of the Project Area, including Block 40, Lots 1, 1.03, 2, 3, 4.02 and 13; Block 44, Lots 20 & 21; and Block 44, Lots 22.03, 23, 24, 25, 26 & 26.01, on the Official Tax Map of the Borough (the “Property”); and WHEREAS, the Borough is the owner of the Property and the Borough has been in discussions with Woods Glassboro Properties Development LLC (the “Redeveloper” or “Buyer”) regarding redevelopment of the Property; and WHEREAS ,
the Redeveloper has proposed to undertake the redevelopment and construction of Block 40, Lots 1, 1.03, 2, 3, 4.02 & 13; Block 44, Lots 20 & 21; and Block 44, Lots 22.03, 23, 24, 25, 26 & 26.01, on the Official Tax Map of the Borough of Glassboro for the purpose of constructing residential improvements as follows: Site 1 (Block 44, Lots 22.03, 23, 24, 25, 26 & 26.01) consisting of nine (9) stacked residential townhomes with a total of eighteen (18) for sale condominium units (“Site 1 Project Improvements”), Site 2 (Block 44, Lots 20 & 21) consisting of five (5) stacked residential townhomes with a total of ten (10) for sale condominium units (“Site 2 Project Improvements”), and Site 3 (Block 40, Lots 1, 1.03, 2, 3, 4.02 & 13) consisting of thirty-two (32) stacked residential townhomes with a total of sixty-four (64) for-sale condominium units (“Site 3 Project Improvements”), for a total of forty-six (46) townhomes and ninety-two (92) units across the three sites; and WHEREAS, the Redevelopment Law, specifically Section 8(f), authorizes the Borough to arrange or contract with a redeveloper for the planning, construction, or undertaking of any project or redevelopment work in an area designated as an area in need of rehabilitation or redevelopment; and WHEREAS the Borough is the owner of the Property as described above; and WHEREAS, the Borough desires to sell to Redeveloper and Redeveloper desires to purchase from Borough such real Property as described above on the terms and conditions hereinafter set forth; and WHEREAS, the Borough and Redeveloper have agreed that Redeveloper will be designated to undertake the necessary construction to erect the improvements, as more particularly described in the Redevelopment Agreement; and WHEREAS, the Borough and Buyer previously entered into a Purchase and Sale Agreement, dated October 10, 2023 (“Original Purchase Agreement”) by way of Ordinance #23- 23 adopted October 10, 2023, pursuant to which the Borough agreed to sell and the Buyer agreed to buy a portion of Block 40, Lot 1 which is adjacent to Block 40, Lot 2; and
INTRODUCTION: 02-06-2025
PUBLIC HEARING: 02-25-2025
WHEREAS, subsequently, the Borough and Buyer have entered into negotiations and the Borough now desires to sell to the Buyer the entirety of Block 40, Lot 1 as well as Block 40, Lot1.03; and WHEREAS, the Borough and Buyer have agreed to execute a First Amendment to the Original Purchase Agreement to set forth their respective obligations regarding the purchase and sale of Block 40, Lots 1 and 1.03 and to update the Project Improvements for Site #2, the total number of units across all three sites, and the purchase price. NOW, THEREFORE, BE IT ORDAINED by the Mayor and Council of the Borough of Glassboro, County of Gloucester, State of New Jersey as follows: Section 1. The aforementioned recitals are incorporated herein as though fully set forth at length. Section 2. The attached First Amendment to the Original Purchase Agreement shall be read in conjunction with and interpreted to incorporate the terms of the Original Purchase Agreement dated October 10, 2023. Any portion of the Original Purchase Agreement that has not been specifically amended as set forth in the First Amendment shall remain in full force and effect and together, the First Amendment and the Original Purchase Agreement dated October 10, 2023 shall constitute the whole agreement between the Parties regarding the purchase and sale of Block 40, Lots 1, 1.03, 2, 3, 4.02 & 13; Block 44, Lots 20 & 21; and Block 44, Lots 22.03, 23, 24, 25, 26 & 26.01. Section 3. All ordinances or parts of ordinances inconsistent with this Ordinance are hereby repealed to the extent of such inconsistency. Section 4. In the event any clause, section or paragraph of this Ordinance is deemed invalid or unenforceable for any reason, it is the intent of Borough Council that the balance of the Ordinance remains in full force and effect to the extent it allows the Borough to meet the goals of the Ordinance. Section 5. This Ordinance shall take effect after final adoption and publication. BOROUGH OF GLASSBORO______________________________ JOHN E. WALLACE, III, Mayor
Attest: _____________________________________ KAREN COSGROVE, Municipal Clerk