HomeMy Public PortalAboutr 97:324No. 97-32/~ Dale~)fAdopdon 0CTOBlrR 16, 1997
RESOLUTION AUTHORIZING THE RELEASE
OF REGIONAL CONTRIBUTION FUNDS
WHEREAS, the Borough of Carteret (the "Borough") has previously entered into
a regional contribution agreement ("RCA") with the Township of Cranbury (the
"Township") to assume a portion of the Township's affordable housing obligations;
and
WHEREAS, the Borough has selected the firm ofRaia & Sirignano CRAIA") to
perform the Borough's construction and rehabilitation obligation on behalf of the
Borough; and
WHEREAS, the Township has made payments sufficient to pay Raia in accordance
with the agreement between Raja and the Borough.
NOW, THEREFORE, BE IT RESOLVED as follows:
1) Final Payment of $330,000.00 is hereby authorized to Raia &
Sirignano.
1) The funds to be paid pursuant to this resolution shall be allocated
as follows:
a) $80,000.00 shall be a grant;
b) $250,000.00 shall be a portion of the loan from the Borough
to Raia.
Adopted this 16th day of October, 1997
and certified as a true copy of the original
on October 17, 1997.
KATHLEEN M. BARNEY,
Municipal Clerk
llECORI) OF COUNCIL VOTE
DuPONT FEINGOLD
FAILACE GUTO~/SKI
X - Indicate Vole AB - Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto
Adopted al a nleeling of lhe Municipal Council
? OCTOBER 16, 1997
/ f .... CLERK ~ ·