Planning Board Resolution Memorializing Executive Drive AINR #20-09

r. The property at 100 Executive Drive has seen its municipal tax assessment decline by 81.4 percent in less than a decade. In 2017, the total assessment fell by 16.6%, while the assessment of the improvement value declined 63.5% from the 2016 figures. The property most recently changed hands in 2017, with the current owner acquiring it for $2,200,000. This price was less than a quarter of its equalized assessed value and amounted to approximately $23.55 per square foot. At the time of sale, the property was 40 years old, having been constructed in 1977. The previous sale occurred in 1997, twenty years prior. At that time, the sale price was $10,570,000, or $113.16 per square foot. The sales price of the property decreased by about 80% over the last 20 years (without adjustment for inflation). s. The property at 200 Executive Drive has seen its municipal tax assessment decline by 75.5 percent in less than a decade. In 2017, the total assessment fell by 15.8%, while the assessment of the improvement value declined 44.9% from the 2016 figures. The property most recently changed hands in 2017, with the current owner acquiring it for $3,300,000. This price was about a quarter of its equalized assessed value and amounted to approximately $30.07 per square foot. At the time of sale, the property was 39 years old, having been constructed in 1978. The previous sale occurred in 1997, twenty years prior. At that time, the sale price was $11,700,000, or $106.60 per square foot. The sales price of the property decreased by about 72% over the last 20 years (without adjustment for inflation). t. The property at 10 Rooney Circle has seen its municipal tax assessment decline by 64 percent in less than a decade. In 2017, the total assessment fell by 11.6%, while the assessment of the improvement value declined 17.8% from the 2016 figures. The property most recently changed hands in 2017, with the current owner acquiring it for $3,000,000. This price was less than half of its equalized assessed value and amounted to approximately $42.31 per square foot. At the time of sale, the property was 46 years old, having been constructed in 1971. The previous sale occurred in 1997, twenty years prior. At that time, the sale price was $5,040,000, or $71.07 per square foot. The sales price of the property has decreased by about 40% over the last 20 years (without adjustment for

7, twenty years prior. At that time, the sale price was $5,040,000, or $71.07 per square foot. The sales price of the property has decreased by about 40% over the last 20 years (without adjustment for inflation). u. The Board, having considered the testimony and comments provided by Ms. Gruel, Mr. Pessolano, Mr. Spatz, as well as other members of the public, adopts the criteria analysis contained in the Planner’s report, and as bolstered by the information. Specifically: 1. “b” criteria analysis: There is substantial credible evidence that the existing on-site office park buildings have been significantly vacant for six or more years. The leasing trends in 2015 and 2016, when the buildings were being marketed for sale prior to their acquisition by the current owner show that there was minimal interest and each building carried significant vacancies. The buildings had been previously maintained, as evidenced by numerous permits requested of the Township over the years. When the current owner took over the buildings marketing efforts to attract (40906317: 4} 6