TOWNSHIP OF PARSIPPANY-TROY HILLS MORRIS COUNTY, NEW JERSEY RESOLUTION R2025-169: RESOLUTION DESIGNATING GREP ACQUISITION I LLC AS REDEVELOPER OF THE PROPERTY IDENTIFIED AS BLOCK 136, LOTS 33 (169 LACKAWANNA AVENUE), AND AUTHORIZING THE EXECUTION OF A REDEVELOPMENT AGREEMENT FOR THE REDEVELOPMENT OF SUCH PROPERTY IN ACCORDANCE WITH THE REDEVELOPMENT PLAN WHEREAS, in accordance with the provision of New Jersey Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq. (the "Redevelopment Law"), the Township Council of the Township of Parsippany-Troy Hills (the "Township") accepted the recommendation of the Township Planning Board and adopted a Resolution declaring property identified as Block 136, Lot 33 on the official Tax Map of the Township of Parsippany Troy Hills (the "Redevelopment Area") as a non-condemnation "area in need of redevelopment" under the Redevelopment Law; and WHEREAS, on July 22, 2025, the Township Council held a public hearing and passed Ordinance 2025-10 adopting a redevelopment plan for the Redevelopment Area titled "Redevelopment Plan - 169 Lackawanna Ave. Redevelopment Area (Block 136, Lot 33)" revised May 22, 2025 and prepared by ARH Associates (the "Redevelopment Plan"); and WHEREAS, GREP Acquisition I LLC (the "Redeveloper") has requested that the Township Council, as a redevelopment entity, enter into a redevelopment agreement with the Redeveloper providing for the Redeveloper's development of the Redevelopment Area in accordance with the Redevelopment Plan; and WHEREAS, the Township Council desires to designate the Redeveloper as redeveloper of the Redevelopment Area, as provided for and in accordance with the provisions of the Redevelopment Law, and enter into a Redevelopment Agreement with the Redeveloper in accordance with Section 6.2.1 of the Redevelopment Plan. NOW, THEREFORE, BE IT RESOLVED, by the Township Council of the Township of Parsippany-Troy Hills, County of Morris, New Jersey, as follows, that: The aforesaid recitals be and hereby are incorporated herein as if repeated at length; and GREP Acquisition I LLC be and hereby is designated as, and shall hereafter be recognized as, the redeveloper of that certain property identified as Block 136, Lot 33 on the official Tax Map of the Township (the "Property") as provided for and in accordance with the provisions of the Redevelopment Law; and The Township Council hereby grants its approval of the Project Concepts and Description of Project Elements, as such terms are defined in the Redevelopment Plan. Recognition of GREP Acquisition I LLC as Redeveloper of the Property is subject to and contingent upon GREP Acquisition I LLC entering into and satisfying any and all terms and conditions contained within the Redevelopment Agreement and any financial agreement relating to same, and as required as part of any Planning Board Approval and/or other approval; and The Mayor and Township Clerk be and hereby are authorized to execute and attest, respectively, a Redevelopment Agreement with GREP Acquisition I LLC in a form acceptable to, and subject to any and all conditions contained herein and such revisions as deemed advisable by the Township Attorney and Redevelopment Counsel; and The Township Business Administrator and Mayor, in consultation with the Township's professionals, consultants and internal department heads, are each hereby authorized and directed to perform the obligations and exercise the rights of the Township under the Redevelopment Agreement so executed in a manner consistent therewith and with the Redevelopment Law. The executed copy of the Redevelopment agreement shall be certified and shall be filed with the Office of the Clerk of the Township. A copy of this Resolution shall be published as required by law within ten (10) days of its passage or as otherwise required by law. Khaled Madin Township Clerk October 1 2025 LNYS0379096 $62.00