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Ogdensburg approves mortgage actions, accepts NJDOT Municipal Aid award
Summary
The council approved Resolution 77-2021 (discharge of a $20,000 home-improvement mortgage) and Resolution 78-2021 (subordination/postponement of a $15,740 mortgage conditioned on appraisal and a refinance cap of $195,000) as part of the consent agenda and accepted an NJDOT Municipal Aid award of $165,100 for Plant Street Phase II.
At its Nov. 8, 2021 meeting the Ogdensburg Mayor and Council approved several consent-agenda items including two homeowner mortgage actions and acceptance of a state municipal-aid award.
Resolution 77-2021 authorized the mayor and clerk to execute a discharge of mortgage for 51 Beardslee Hill Road after the borough received payment in full on a previously issued $20,000 Home Improvement Program loan; the minutes record that payment was evidenced by check number 12931 endorsed by Intact Title Agency of New Jersey, Inc.
Resolution 78-2021 authorized subordinating the Borough's Home Improvement Program mortgage on 9 Wallkill Terrace (original loan $15,740, dated Jan. 19, 2007) to a refinancing mortgage proposed by Mutual of Omaha Mortgage, Inc. The resolution conditions consent on an appraisal (provided by Anthony V. DePalma, Alliance Appraisal & Research LLC, dated Oct. 19, 2021) that values the property at $300,000, limits the refinance mortgage to a principal amount not to exceed $195,000, and requires that legal fees and costs owed to the borough be paid at closing.
Also on the consent agenda, the council accepted an award notice from the New Jersey Department of Transportation re‑awarding $165,100 in Fiscal Year 2022 Municipal Aid funds for the Plant Street Phase II improvement project. All those consent items were approved by roll call (Alvarez, Cowdrick, DeMeo, Nardini, Nasisi — yea; Slater — absent).
The minutes record the council's approvals and the conditions attached to the postponement/subordination; they do not include closing dates for the refinancing or further implementation steps for the NJDOT project.
