Representing the Township of Neptune, Joanne Vos, Esq. negotiated a Conditional Designation and Interim Cost Agreement (“Agreement”) with a private redevelopment entity to become conditionally designated as the redeveloper of certain parcels which are currently Township-owned within the West Lake Redevelopment Area. The project will restore a focal area of the Township, which has long been identified as a location for transformative revitalization.  The Agreement also provided for the establishment of an evergreen escrow, the purpose of which is to defray the Township’s costs associated with not only the preparation of the Agreement itself but also, the negotiation of a comprehensive Redevelopment Agreement. The Redevelopment Agreement is anticipated to address all components of the Mixed-Use Project including the design of the Project, the number of residential units to be built, the amount of retail to be incorporated, details regarding the implementation of a restaurant, the purchase price for the property, and the timeline for the construction of the Project, among many others.


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