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Committee consents to collateral assignment for 3 Collins Drive financing with New York Life
Summary
The Committee unanimously authorized consent to a collateral assignment of redeveloper rights at 3 Collins Drive to New York Life Insurance Company after legal review by the township solicitor and redeveloper counsel.
The Committee authorized consent to the collateral assignment of redeveloper rights for the property at 3 Collins Drive to New York Life Insurance Company (Res. 2025‑200). Attorney Clint Allen told the Committee that the building had received financing from New York Life and that the Redevelopment Agreement allows such an assignment; Solicitor A. Telsey said Redevelopment Attorney Lou Cappelli had reviewed and approved the document.
The motion passed unanimously. During public comment later in the meeting, resident Amy Tighe asked about the financing for 3 Collins Drive; Mayor Brown said any changes to redevelopment financing would come before the Township and declined to discuss partisan matters raised by the resident at the meeting.
