title
Resolution of the Mayor and Council of Princeton Authorizing the Submission of an Application to the New Jersey Department of Environmental Protection for Grant Funding from the Hazardous Discharge Site Remediation Fund Grant Program in the Amount of $983,126.36 to Reimburse Terhune Development Urban Renewal for Costs Incurred in Remediating Areas Dedicated to the Municipality of Princeton on the Property Located at 365 Terhune Road (Block 7404, Lot 1.02)
end
body
WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq., as amended and supplemented (the "Redevelopment Law"), provides a process for municipalities to participate in the redevelopment and improvement of areas designated as being in need of redevelopment; and
WHEREAS, on April 27, 2021, the Mayor and Council of the Municipality of Princeton (the "Governing Body") approved Resolution No. 21-156 to designate, in part, the real properties identified as Block 7401, Lots 1.02 and 1.012 (collectively, the "Redevelopment Property"), as an area in need of redevelopment in accordance with the Redevelopment Law; and
WHEREAS, on June 14, 2021, the Governing Body approved Ordinance #2021-15 to adopt the redevelopment plan, entitled Harrison/Terhune Redevelopment Plan (the "Redevelopment Plan") for the Redevelopment Property; and
WHEREAS, on August 16, 2022, the Municipality of Princeton (the "Municipality") entered into a redevelopment agreement, pursuant to the Redevelopment Law, with Terhune Development Urban Renewal LLC (the "Redeveloper") to provide for the redevelopment of the Redevelopment Property (the "Redevelopment Agreement"); and
WHEREAS, the Redevelopment Agreement required the Redeveloper to develop, finance, remediate, and construct on the Redevelopment Property a multi-family residential apartment building, consisting of 100 market rate rental units and 25 affordable housing units (the "Project"); and
WHEREAS, the Redevelopment Agreement also required the Redevel...
Click here for full text