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RESOLUTION AUTHORIZING THIRD AMENDMENT TO A PURCHASE AND SALE AGREEMENT AND AN ESCROW AGREEMENT BY AND BETWEEN THE COUNTY OF PASSAIC AND SPRING BROOK ACRES, INC. FOR THE PURCHASE OF PROPERTY LOCATED AT 335 UNION AVENUE, BLOOMINGDALE, NEW JERSEY 07403, PURSUANT TO N.J.S.A. 40A:12-4(a)
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WHEREAS, the County of Passaic (hereafter “County”) is a body politic and corporate pursuant to N.J.S.A. 40:18-1 and vested with all rights contained therein; and
WHEREAS, pursuant to N.J.S.A. 40:20-1 the Board of County Commissioners of the County of Passaic (hereafter “Board”) is vested with managing the property, finances, and affairs of the County; and
WHEREAS, pursuant to N.J.S.A. 40A:12-4, the County is authorized to acquire any real property, capital improvement, personal property, or any interest of estate whatsoever therein; and
WHEREAS, Spring Brook Aces, Inc. (hereafter “Spring Brook”) is the owner of a certain property located at 335 Union Avenue, Bloomingdale, New Jersey 07403, also known as Block 4086 Lots 2 and 2.01 on the tax map of the Borough of Bloomingdale, County of Passaic, New Jersey (hereafter “Property”), which consists of approximately one hundred and two (102) acres that formerly operated as a horse farm; and
WHEREAS, the County and Spring Brook negotiated in good faith for the sale of the Property to the County, whereby the County would purchase the Property for a price of five million dollars ($5,000,000.00), subject to the terms and conditions set forth in the Purchase and Sale Agreement, for incorporation of the Property into the Passaic County Park System as an open space and recreation facility; and
WHEREAS, on June 28, 2022, the Board passed Resolution R-22-0554, approving a Purchase and Sale Agreement by and between the County of Passaic and Spring Brook Acres, Inc.to purchase the Property; and
WHEREAS, pursuant to N.J.S.A. 40:12-15.2, the Board created the Open Space, Farmland, and Historic Preservation Trust Fund (hereafter “Trust Fund”) for the acquisition of open space, park development, farmland preservation, and historic preservation projects in the County; and
WHEREAS, pursuant to N.J.S.A. 40:12-15.3, et seq., the County held a public hearing to discuss the acquisition of the Property on July 19, 2022; and
WHEREAS, on September 27, 2022, the Board passed Resolution No. R-22-0892, approving the First Amendment to Purchase and Sale Agreement, executed so the County could conduct more due diligence on the Property; and
WHEREAS, on December 27, 2022, the Board passed Resolution No. R-22-1204, approving the Second Amendment to Purchase and Sale Agreement, executed so the County could continue to conduct more due diligence on the Property; and
WHEREAS, the County and Spring Brook have negotiated a Third Amendment to Purchase and Sale Agreement, as well as an associated Escrow Agreement; and
WHEREAS, this matter was discussed by the Administration and Finance Committee and is being recommended to the Board for approval.
NOW, THEREFORE, LET IT BE RESOLVED, pursuant to N.J.S.A. 40A:12-4, N.J.S.A. 40:12-15.3, et seq., and N.J.S.A. 40A:11-5, et seq., that the Board of County Commissioners of the County of Passaic approves the Third Amendment to Purchase and Sale Agreement and the Escrow Agreement, attached to and made part of this Resolution, by and between the County of Passaic and Spring Brook Acres, Inc. for the purchase of the real property located at 335 Union Avenue, Bloomingdale, New Jersey 07403.
LET IT BE FURTHER RESOLVED that the Clerk of the Board, County Counsel, County Administrator, Chief Financial Officer, and Director of the Board of County Commissioners are authorized to take any other steps necessary to carry out the purpose of this Resolution.
NB February 25, 2025