Redevelopment Law
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Pearlman & Miranda offers a full range of services for redevelopment projects, from assistance with initial governmental concept plans or redevelopment studies, through redeveloper procurement, contracting, and site and entitlement acquisition, including analyzing, structuring, drafting and negotiating documents with respect to, and closing the various equity, mezzanine, market debt, subsidized debt, and grant capital allocation sources of funding for all such redevelopment projects, to oversight and assistance with, and where necessary, protection of rights related to redevelopment project implementation.
Following the enactment of state legislation, Stephen B. Pearlman designed a number of new financing structures involving Redevelopment Area Bonds (RABs). In 2014, he closed Tranche I of an RAB redevelopment financing in the City of Asbury Park, New Jersey—an accomplishment that has been revered for its noted departure from a long period of failed efforts to restore this strategically located, blighted area, that was once a thriving community. Firm attorneys have been consulted by the authors of new redevelopment legislation in the State. Mr. Pearlman drafted amendments to the Economic Redevelopment and Growth Grant (ERGG) laws in New Jersey. Mr. Pearlman is also particularly well-known for his expertise in drafting state legislation on redevelopment projects that involve tax increment financing structures. Firm attorneys have structured and closed some of the most sophisticated redevelopment projects in the State. They have served as redevelopment counsel to the County Improvement Authorities in Essex County and Camden County, as well as other government entities and municipalities ranging from the New Jersey Environmental Infrastructure Trust (NJ EIT) to the Borough of Carteret, New Jersey. Mr. Pearlman has also drafted a number of particularly complex redevelopment agreements for large scale private clients, to include the template agreements that were used by the original owners of the Prudential Arena Site to undertake a 1031 land exchange program that allowed all property owners to settle prior litigation and come together for a unified plan undertaken by the Newark Housing Authority that has already resulted in the new arena, a park, transit connections, and multi-purpose development sites in the downtown core of Newark, New Jersey. |
