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Resolution of the Mayor and Council of Princeton Authorizing the Housing Initiatives of Princeton Charitable Trust: Extension of Property Lease and Management Agreement for 14 Clearview Avenue
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WHEREAS, Princeton is the owner of certain real property known as 14 Clearview Avenue, Princeton, New Jersey 08540, and designed as Lot 3 in Block 7307 on the Princeton Tax Map (“Property”);
WHEREAS, the Property is a deed-restricted affordable housing unit under the Princeton Affordable Housing Program;
WHEREAS, Housing Initiatives of Princeton Charitable Trust (“HIPCT”) is a non-profit organization that provides transitional affordable housing to lower income working individuals and families in need of transitional housing;
WHEREAS, Princeton and HIPCT have entered into a Property Lease and Management Agreement (“Lease”) pursuant to which HIPCT would enter into an approved form of a Transitional Occupancy Agreement for a qualified occupant to occupy the Property;
WHEREAS, the Lease provided for a renewal option after the expiration of the current term;
WHEREAS, Princeton and HIPCT wish to extend the term of the Lease until December 31, 2026.
NOW THEREFORE, BE IT RESOLVED by the Mayor and Council of Princeton as follows:
1. The Mayor and Clerk of Princeton are hereby authorized and directed to enter into a Lease Extension with HIPCT to permit the continued occupancy of the Property. The Lease Extension authorized by this Resolution is on file in the Office of the Princeton Clerk and may be inspected during regular office hours. The lease extension shall be for a term ending December 31, 2026.
2. Upon its adoption, a certified true copy of this Resolution shall be provided to the Princeton Housing Manager and the Executive Director of HIPCT.