FACILITIESAPPROVED

Borough of Saddle River Special Meeting Agenda May 2026

Developer Agreement OK’d for 42-Unit Affordable Project

$1.00 (land conveyance; additional consideration in development obligations)Borough of Saddle RiverSADDLE RIVER PHASE 2 LLCMay 1, 2026

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Description

The Borough of Saddle River approved a Developer’s Agreement with Saddle River Phase 2, LLC to construct a 42-unit, 100% affordable age-restricted rental housing project at 20 and 22 East Allendale Road. Under the agreement, the Borough will convey the municipally owned site for $1.00 subject to a 30-year deed restriction and future PILOT arrangement, while the developer finances, builds, and operates the project in compliance with affordable housing laws.

Contract Details

Contract Amount

$1.00 (land conveyance; additional consideration in development obligations)

Vendor

SADDLE RIVER PHASE 2 LLC

Agency

Borough of Saddle River, NJ

Contract Type

FACILITIES

Document Date

May 1, 2026

Contract Term

Minimum 30-year affordable housing deed restriction

Renewal Info

Project units will be deed restricted as affordable housing for at least 30 years; agreement contemplates a long-term PILOT to be authorized separately. After issuance of a Certificate of Completion, only continuing obligations such as affordability controls and deed restrictions remain in effect.