HomeMy Public PortalAboutr 97:369No. 97-369 Date of Adoption_ December 4~ 1997
RESOLUTION AUTHORIZING THE EXECUTION
OF DEVELOPMENT AGREEMENT
WHEREAS, the Borough of Carteret (the "Borough") has entered into a Regional
Contribution Agreement ("RCA") with the Township of Readington (the
"Township"), by which the Borough agreed to assume a certain portion of the
Township's low and moderate income housing obligations (the "Housing
Obligations"); and
WHEREAS, Frank Raia CRaia'') is the owner of the building known as the Cardinal
China Building (the "Building") located within the Borough; and
WHEREAS, Frank Raia has previously renovated certain properties to provide low
and moderate income housing units; and
WHEREAS, the Borough wishes to satisfy a portion of its obligation under the RCA
with the Township by entering into an agreement with Frank Raia to provide funding
to renovate the Building in order to create low and moderate income housing and
thereby complying with its obligations with the RCA.
NOW, THEREFORE, IT IS RESOLVED that the Mayor and Borough Clerk are
authorized to execute the attached agreement as approved by the Borough Attorney.
Adopted this 4th day of December, 1997
and certified as a true copy of the original
on December 5, 1997.
KATHLEEN M. BARNEY,
Municipal Clerk
RECORD OF COUNCIL VOTE
X - Indicate Vote AB - Absent NV - Not Voting XOR Indicates Vote to Overrule Veto
Adopted at a meeting of the Municipal Council December 4~ 1997
CLERK