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Board discusses regional road consortium and approves partial mortgage release for business park
Summary
Trustees heard legal and administrative briefings on forming an intergovernmental consortium to pursue a state innovation grant and approved a partial release of a real-estate mortgage to enable development at Salem Business Park; consultants said the park could add substantial assessed value and possibly accelerate TID closure.
The Village of Salem Lakes board spent substantial time discussing a proposed road consortium and related intergovernmental agreement (IGA) with neighboring municipalities to pursue an innovation grant and pooled services.
Village attorney and staff described the IGA options, noting an IGA can usually support grant applications but that state requirements may call for additional steps (separate bank account, FEIN,…
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