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RESOLUTION AUTHORIZING THE SECOND AMENDMENT TO THE PURCHASE AND SALE AGREEMENT WITH THE PASSAIC COUNTY AFFORDABLE HOUSING CORPORATION FOR THE PURCHASE OF 519 RINGWOOD AVENUE, POMPTON LAKES, NEW JERSEY 07442, PURSUANT TO N.J.S.A. 40A:12-13
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WHEREAS, the County of Passaic (“County”) is a body politic and corporate pursuant to N.J.S.A. 40:18-1, et seq. and vested with all rights contained therein; and
WHEREAS, pursuant to N.J.S.A. 40:20-1, the Board of County Commissioners of the County of Passaic (“Board”) is vested with managing the property, finances, and affairs of the County; and
WHEREAS, the County owns real property located at 519 Ringwood Avenue, Pompton Lakes, New Jersey 07442 also known as Block 2600, Lot 2 and Block 2300, Lots 1, 7, and 10 on the tax map of the Borough of Pompton Lakes (“519 Ringwood Avenue”), which formerly served as a garage for the Passaic County Roads Department; and
WHEREAS, the County built a public works facility located at 1310 Route 23 North, Wayne, New Jersey 07470, which is the new location for the Roads Department, as well as other County departments and offices; and
WHEREAS, pursuant to N.J.S.A. 40A:12-13, et seq., the County may sell any real property, capital improvement or personal property, or interests therein, not needed for public use, as set forth in the resolution authorizing the sale, other than County lands, real property otherwise dedicated or restricted pursuant to law; and
WHEREAS, the Passaic County Affordable Housing Corporation, a 501(c)(3) nonprofit corporation and agency of a body corporate and politic of the State of New Jersey (“PCAHC”), desires to purchase 519 Ringwood Avenue from the County at a minimum price of one million seven hundred and thirty-five thousand dollars ($1,735,000.00) to build affordable housing units for veterans; and
WHEREAS, pursuant to N.J.S.A. 40A:12-13(b), the County is authorized to sell 519 Ringwood Avenue by private sale to any politic subdivision, agency, department, commission, board or body corporate and politic of the State of New Jersey, such as the Passaic County Affordable Housing Corporation; and
WHEREAS, on December 28, 2021, the Board passed Resolution No. R20211191, authorizing a private sale of 519 Ringwood Avenue to the Passaic County Affordable Housing Corporation at a minimum price of one million seven hundred and thirty-five thousand dollars ($1,735,000.00), in accordance with the Purchase and Sale Agreement (“PSA”) attached thereof; and
WHEREAS, on June 27, 2023, the Board passed Resolution No. R-23-0608, authorizing the execution of the First Amendment to the PSA, which, among other things, changed the specific parcels being sold to PCAHC, changed the purchase price, and established a timeline for paying the purchase price to the County; and
WHEREAS, in anticipation of an imminent closing, the Parties wish to further amend the PSA to reflect various changes as set forth in the Second Amendment to the PSA, attached hereto and made part of this Resolution, which the Passaic County Administrator is recommending to the Board for approval; and
WHEREAS, this matter was discussed on November 14, 2024 by the Administration and Finance Committee and is being recommended to the Board for approval; and
NOW, THEREFORE, LET IT BE RESOLVED, pursuant to N.J.S.A. 40A:12-13, et seq., the Board of County Commissioners of the County of Passaic authorizes the Second Amendment to the Purchase and Sale Agreement between the County of Passaic and the Passaic County Affordable Housing Corporation, which seeks to purchase the property located at 519 Ringwood Avenue, Pompton Lakes, New Jersey 07442.
LET IT BE FURTHER RESOLVED, that the Clerk to the Board, County Counsel, County Administrator, and Director of the Board are authorized to take any action necessary to carry out the purpose of this Resolution.
KJB November 18, 2024