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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