Borough of Spotswood Resolution 2026-126 Assignment and Extension of Pilot Agreement 2026-05-18
Spotswood Assigns 35-Year PILOT to Woodmere Urban Renewal Entity
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Description
The Borough of Spotswood approved assignment of the Woodmere senior housing PILOT agreement to Woodmere Urban Renewal Entity, LLC, extending its term to 35 years to comply with HUD-insured financing and approving fee payments to the Borough. The LLC takes ownership and ongoing obligations.
Contract Details
Contract Amount
$15,000 execution fee plus legal fee reimbursement up to $4,000
Vendor
WOODMERE URBAN RENEWAL ENTITY LLC
Agency
Borough of Spotswood, NJ
Contract Type
OTHER
Document Date
May 18, 2026
Contract Term
Thirty-five (35) years, coterminous with HUD-insured mortgage, commencing at HUD refinancing closing
Renewal Info
Agreement assigned from nonprofit to LLC for 35-year term, effective at HUD financing closing. Extension matches mortgage. LLC assumes all PILOT obligations.
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