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Committee rejects proposed change to Del‑A‑Vue promissory note, then adopts replacement keeping terms intact
Summary
A proposed change to the low‑interest promissory note for Del‑A‑Vue Apartments (R-2026-133) failed; the committee later approved a replacement resolution (R-2026-144) leaving the promissory note unchanged and allowing the developers to proceed toward closing.
The Township Committee considered a resolution that would have altered the promissory note for the Del‑A‑Vue Apartments development but voted the proposed change down. During discussion Mr. Napuda noted cost overruns from earlier review; the resolution R-2026-133 (which would have changed the terms of the low‑interest HMFA note) failed when the motion was voted down.
Shortly after, the committee read a replacement resolution (R-2026-144) by title. That replacement left the promissory note terms unchanged; the committee adopted R-2026-144 unanimously, and the developers expect to close at the end of the month, according to Mr. Napuda.
The transcript records that the developers prefer to keep the original note terms. No amendment language for the original promissory note was adopted. The committee’s action allows the developer to proceed toward closing under the previously negotiated HMFA terms.
