HomeMy Public PortalAboutr 95:226 Dste or Adoption June .15. 1995_
95-226
AUTHORIZING GOVERNING BODY TO ACCEPT AND EXECUTE
RCA MEMO OF UNDERSTANDING BETWEEN TOWNSHIP OF
READINGTON AND BOROUGH OF CARTERET
WHEREAS, the Township of Readington has expressed a desire to enter into an
understanding with the Borough of Carteret relating to the transfer of up to 50% of
their COAH obligation; and
WHEREAS, the Township of Readington has directed a letter of intent to the
Borough of Carteret relative to a Regional Contribution Agreement; and
WHEREAS, the Township of Readington will provide the Borough of Carteret with
funding up to $2,140,000.00 through a competitive offer of $20,000.00 per unit; and
WHEREAS, the Township of Readington will provide the Borough of Carteret with
said funding over a five year period; and
WHEREAS, in order to carry out a regional contribution agreement, both
municipalities must agree and have approval by New Jersey Housing and Mortgage
Finance Agency throug, h a project plan; and
WHEREAS, the Borough of Carteret will cooperate with the Township of
Readington in the process of completion of a project plan; and
WItEREAS, the Borough of Carteret has need for substantial housing rebab funds
to provide safe and affordable housing for the low to moderate income residents; and
WHEREAS, upon approval by the required agencies, a memo of understanding must
be signed by the local governing bodies; and
NOW, THEREFORE, BE IT RESOLVED that the Governing Body of the
Borough of Carteret does hereby authorize the Mayor to sign and enter into a
regional contribution agreement with the Township of Readington for the transfer of
funding up to 107 units for the purposes of creating safe and affordable housing in the
Borough of Carteret.
Adopted this 15th day of June, 1995
and certified as a true copy of the
original on June 16, 1995.
Kathleen M. Barney~ Municipal Clerk
Susan E. Jacklin, Asst. Municipal Clerk
nlz. CORD OF coUNCIL VOTE ......... wv t,.IL
CO -- --
X - Iodlcate Vote AB - Absent NV - Not Votl.g XOR - Indicates Vote to Overrule Veto --
Adopted ut a meeti.g o[ the Munlclpal Council Jupe 15 1995 . ._