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Residents press council for appraisal and full financial reconciliation before 18 Central Avenue sale
Summary
Council approved a resolution to complete the sale of 18 Central Avenue after closed session, but residents including a certified public accountant pressed for a public appraisal, a complete financial reconciliation of remediation and grant dollars, and long-term pilot-payment projections before closing.
Council members voted to approve a resolution authorizing the township to proceed with the sale and closing of 18 Central Avenue after a closed session on Aug. 4, but the vote followed a lengthy public-comment period in which residents demanded more financial transparency.
"Was an independent appraisal obtained to support the proposed $1,500,000 purchase price for the 18 Central Ave?" asked Kat Givens, a resident and certified public accountant, urging the council to publish the appraisal and a full reconciliation of remediation costs, grant funding and expected net proceeds before any final vote. Givens said a reconciliation should show "the proposed annual pilot payments, whether there are a minimum payment requirement and significant adjustments that may affect those payments," language she said is necessary for residents to understand the long-term fiscal impact.
Redevelopment counsel and town officials described the transaction as the fulfillment of a long-running redevelopment agreement that included upfront cleanup credits and deductions, and said the $1.5 million list price in earlier documents is subject to agreed deductions for remediation and demolition. Redevelopment counsel told the council that, after those deductions, the net proceeds expected at closing are roughly in the mid-$500,000 range and that the redevelopment agreement included the delivery of 17 affordable units and 22 municipal parking spaces as part of the public benefits package.
Township attorney Samuero said some of the settlement activity and litigation has constrained what can be discussed publicly and that some terms were negotiated to preserve the township's immunity from additional builder-remedy lawsuits. He said independent technical analyses — including traffic and environmental work — are being used to defend the township's positions in litigation and to verify developer claims.
After the closed-session discussion, council adopted the resolution authorizing the transaction; the formal vote was recorded with a majority in favor and one abstention. Council members and counsel said closing documents and supporting reconciliations will be verified and made available to the council prior to final closing, and several council members requested that staff produce the appraisal and a single financial reconciliation for public review.
