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Council approves addendum for Paramount Theater repairs, $11.7 million in work planned
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Summary
Council voted to approve an addendum to a Boardwalk Preservation subgrant that supports partial repairs to the Paramount Theater; the developer, Madison Asbury Retail, has engaged Poland SST as contractor and the city will release funds only after certifications and third‑party review.
Redevelopment attorney Joel Myers told the Asbury Park City Council that an addendum to the Boardwalk Preservation subgrant agreement with Madison Asbury Retail will fund partial repairs at the Paramount Theater and allow the contractor Poland SST to mobilize.
"The addendum to the subgrant agreement will provide for the work to be done for $11,700,000," Joel Myers said, describing a process in which the city will hold funds and pay Madison Asbury Retail only after certification by Michael Graves Architects and review by TNM, and only after evidence that Pullman (a subcontractor) has been paid by MAR.
Myers said the new construction company previously worked on a phase 1 investigation and submitted thorough documentation quickly after a prior contractor withdrew. He said mobilization was expected by the end of the month and demobilization by Dec. 12 so work finishes before the fund deadline of Dec. 31. Myers also noted a labor agreement with the Monmouth and Ocean County labor union council was expected to be delivered by Friday.
Council added a resolution to the agenda authorizing the city to enter into the addendum with MAS and Asbury Retail LLC and voted to approve it. The resolution authorizes the city to make payments only after the certifications and reviews Myers described.
Why it matters: The council’s action clears the way for construction activity at a landmark site that has been the subject of local interest, while city staff said payment safeguards are in place to confirm work is completed and subcontractors are paid before city funds move.
What’s next: The addendum sets the project schedule and payment conditions; council members and redevelopment staff said they will monitor documents and certifications as construction proceeds.
