City of Vineland Agenda Packet 2026-06-23
Revolving loan funds approved for 1100 College Drive purchase
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Description
City Council authorized up to $3,000,000 in Vineland Revolving Loan Funds as a recoverable grant to the Vineland Development Corporation to support its joint purchase of 1100 College Drive with the City. Repayment will be based on 50% of net proceeds from the property’s future sale, up to the grant amount.
Contract Details
Contract Amount
Not to exceed $3,000,000.00
Vendor
VINELAND DEVELOPMENT CORPORATION
Agency
City of Vineland, NJ
Contract Type
FINANCIAL_SERVICES
Document Date
June 23, 2026
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