256-10

256-10 September 28, 2010 RESOLUTION WHEREAS, Crestmont Country Club ("CCC") owns certain property known as Block 174, Lots 1 and 1.01 commonly known as 750 Eagle Rock Avenue in the Township of West Orange ("Properties"); and WHEREAS, CCC filed certain tax appeals for the years 2007 through 2010 carried under Docket Nos. 004628-2007, 006567-2008, 001741-2009, and 001061-2010; and WHEREAS, CCC filed a Woodland Management Plan for various years beginning in 1994; and WHEREAS, CCC sought and obtained a subdivision in 2007; and WHEREAS, the Tax Assessor for the Township of West Orange denied CCC's farmland assessment applications; and WHEREAS, the Township's 2010 assessment for the Properties is $8,781,500 which equalizes to a fair market value of $39,287,593; and WHEREAS, the New Jersey Department of Environmental Protection approved the Woodland Management Plans; and WHEREAS, on February 23, 2010, the Tax Court issued a Letter Opinion denying CCC's Motion for Summary Judgment without prejudice and scheduling a hearing concerning certain issues; and WHEREAS, the Township believes the within Resolution is appropriate, fair and equitable; and WHEREAS, the Township's Tax Assessor, appraisal expert and special real estate tax counsel, Blau & Blau, have recommended the within settlement; NOW THEREFORE, BE IT RESOLVED BY THE TOWNSHIP COUNCIL OF THE TOWNSHIP OF WEST ORANGE, as follows: 1. All present tax appeals concerning Crestmont Country Club will be settled with reductions in the assessment to be fixed by the West Orange Tax Assessor that result in a total 2007-2010 tax reduction of $1,425,000 with payments/credits to be made as follows: (a) Within twenty (20) days of receipt of CCC's 2010 fourth quarter tax payment, a tax refund will be issued to CCC and Brach Eichler, LLC, CCC's counsel, in the amount of $150,000; and (b) CCC will receive an annual tax credit of $300,000 for tax years 2011, 2012, 2013 and 2014 ("Period") whereby each of the sixteen (16) quarterly tax payments due for the Period shall be reduced by a credit of $75,000; and (c) CCC will also receive a $75,000 tax credit in the first quarter 2015;