TRENTON, N.J. — The Mercer County Improvement Authority today filed a foreclosure complaint with the Superior Court, Chancery Division, with regard to Trenton Studios, LLC. The complaint, following a previous notice of default on the project’s promissory note, is the first formal step in regaining control of the property.
“This property has great potential for both Mercer County and the City of Trenton,” commented Mercer County Executive Brian M. Hughes. “Both the County of Mercer and MCIA feel that this redevelopment project has stagnated for far too long, and that Manex has been given ample time to fulfill their side of the redevelopment agreement and lease.”
Trenton Studios, LLC, has fallen in arrears on payments on their promissory note for the last two quarters, and no work has begun on the project since the redevelopment agreement was signed in 2003. Once the complaint has been filed with the Court and served upon Trenton Studios, LLC, they have up to 35 days to file a response.
“Mercer County looks forward with great anticipation to working closely with the City of Trenton to develop a Request for Proposal for new development at the site” continued Hughes. “Our goal is to complete the RFP and get them out to potential developers within two months of regaining site control. The MCIA has continued interest from developers in this site, which has surged in the past week. We are very excited about fulfilling the potential that this site holds for our community”.