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Housing authority approves assignment of Sears-site parcel to developer affiliate for financing
Summary
The New Brunswick Housing Authority approved a resolution assigning a portion of redevelopment site Block 707.04, Lot 7.05 from RTF NB Urban Renewal LLC to an affiliate labeled RTF NB Urban Renewal B LLC to accommodate the developer's construction financing; commissioners voted by roll call.
The New Brunswick Housing Authority board voted July 25 to approve the assignment of a portion of redevelopment site Block 707.04, Lot 7.05 from RTF NB Urban Renewal LLC to an affiliate, RTF NB Urban Renewal B LLC, a move the developer says is part of its construction financing.
Board members approved the measure by roll call after a brief explanation from a staff presenter. "This is identical to a resolution we approved about a year ago," a staff member explained. "It's for the second section of the project…
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