HomeMy Public PortalAboutr 97:239 No. 97-239
Date or Adoptioa_ July 17~ 1997
RESOLUTION AUTHORIZING AGREEMENT WITH
RAIA & SIRIGNANO
WHEREAS, the Borough of Carteret (the "Borough") pursuant to a regional
contribution agreement with the Township of Cranbury (the "Township"), (the
"RCA"), was obligated to rehabilitate certain housing units within the Borough in
return for payment by the Township; and
WHEREAS, the Borough has designated Raia and Sirignano CR&S'') as the
developer to perform said rehabilitation; and
WHEREAS, a dispute between the Borough and R&S has arisen with regard to the
financial agreement between the parties; and
WHEREAS, the parties wish to resolve said dispute.
NOW, THEREFORE, BE IT RESOLVED as follows:
1. The Borough agrees to resolve the dispute as follows:
a) The total amount of RCA funds to be paid to R&S shall be $500,000.00
of which (i) $250,000.00 shall be a grant and (ii) $250,000.00 shall be a
loan.
b) The terms of the loan shall be set forth in a settlement agreement to be
prepared.
c) The dispute resolution is subject to approval of the above described
settlement agreement being approved by the Borough and R&S.
2. The Mayor and Clerk are authorized to execute on behalf of the Borough
an approved settlement agreement.
Adopted this 17th day of July, 1997
and certified as a true copy of the
original on July 30, 1997.
KATHLEEN M. BARNEY,
Municipal Clerk
SUSAN E. JACKLIN,
Assistant Municipal Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO NV A.B.
~BIALOV/ARCZUK X __ FAZEKAS X
_DuPONT X FEINGOLD
FAILACE X GUTO%qSKI X
X - Indicate Vole AB Absent NV - Not Voting XOR - lndicales Vote to Overrule Veto sj
Adopted at a meeting of the Mtmicipal Council
JULY 17, 1997
As .q { .q I-,qrll- (~ CLERK