HomeMy Public PortalAboutR 98:122 · ~ May 7, 1998
No 98-122 Date ot Am pti n__
RESOLUTION AUTHORIZING ADDENDUM TO REGIONAL
CONTRIBUTION AGREEMENT
WHEREAS, the Borough of Carteret (the"Borough") and the Township of
Readington (the "Township") have previously entered into a Regional Contribution
Agreement ("RCA"); and
WHEREAS, Pursuant to the RCA the Township Agrees to pay certain funds to the
Borough in return for which the Borough Agrees to rehabilitate and/or construct low
and moderate income housing; and
WHEREAS, The Borough in furtherance of said obligation has negotiated an
agreement with a developer, pursuant to which the Borough would lend a portion of
the RCA funds paid by Sending Municipality; and
WHEREAS, the RCA does not currently permit the Borough to lend RCA funds;
and
WHEREAS, the parties wish to amend the RCA in order to allow a loan by the
Borough.
NOW, THEREFORE BE IT RESOLVED BY the Mayor and Council of the
Borough of Carteret that the attached Addendum to Regional Contribution
Agreement is approved.
BE, IT FURTHER RESOLVED that the Mayor and Borough Clerk are hereby
authorized and executed said Addendum to Regional Contribution Agreement on
behalf of the Borough.
Adopted this 7th day of May, 1998
and certified as a true copy of the
original on May 8, 1998.
KATHLEEN M. BARNEY,RMC/CMC
Municipal Clerk
RECORD OF COUNCIL VOTE
DiJ~
~ F~rI.aCE _ O ' RRTFN
X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto
Adopted at a meeting of the Municipal Council May ?, 1998
/ ~ CLERK