TOWNSHIP OF PARSIPPANY-TROY HILLS MORRIS COUNTY, NEW JERSEY RESOLUTION R2025-170: RESOLUTION DESIGNATING PARQ URBAN RENEWAL, LLC AS REDEVELOPER OF THE PROPERTY IDENTIFIED AS BLOCK 392, LOTS 1.01, 1.02, 1.03, 1.04, AND 1.05, 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 392, Lots 1.01, 1.02, 1.03, 1.04, and 1.05 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 September 23, 2025, the Township Council held a public hearing and passed Ordinance 2025-18 adopting a redevelopment plan for the Redevelopment Area titled "PARQ Redevelopment Plan: Block 392, Lots 1.01, 1.02, 1.03, 1.04, and 1.05, Township of Parsippany-Troy Hills, Morris County, New Jersey" dated July 10, 2025, and prepared by Langan (the "Redevelopment Plan"); and WHEREAS, PARQ Urban Renewal, 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. 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 PARQ Urban Renewal, LLC be and hereby is designated as, and shall hereafter be recognized as, the redeveloper of that certain property identified as Block 392, Lots 1.01, 1.02, 1.03, 1.04, and 1.05 on the official Tax Map of the Township (the "Property") as provided for and in accordance with the provisions of the Redevelopment Law; and Recognition of PARQ Urban Renewal, LLC as Redeveloper of the Property is subject to and contingent upon PARQ Urban Renewal, 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 PARQ Urban Renewal, 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. October 14 2025 LNYS0386030 $55.80