410 Main Street Settlement Resolution

application for development which was memorialized in a resolution adopted by the Board on January 8, 2025; and WHEREAS, Plaintiff having filed a complaint in lieu of prerogative writs on February 28, 2025 bearing Docket No. ESX-L-1637-25,seeking judgment from the Superior Court of New Jersey that the Board’s denial of the Application was arbitrary, capricious and unreasonable and contrary to the MLUL, and seeking relief from the Court granting Plaintiff preliminary and final major site plan and conditional use approval and bulk variance relief; and WHEREAS, Plaintiff also filed an action for builder’s remedy and exclusionary zoning action against the Township and the Board on March 4, 2026, bearing Docket No.: ESX- L-1824-26 (together with the prerogative writs action collectively the “410 Main Actions”); and WHEREAS, the Township, the Board and 410 Main, through their respective counsel and professionals, have engaged in extensive negotiations to resolve the 410 Main Actions and provide inclusionary affordable housing development on the Property; and WHEREAS, the Township, the Board and 410 Main have negotiated an Affordable Housing Settlement Agreement (“Settlement Agreement”), in a substantially similar form as attached hereto as Exhibit A and incorporated herein by reference; and WHEREAS, the Settlement Agreement remains subject to approval by the Superior Court following any fairness hearing or other proceeding required by the Court; and WHEREAS, the Settlement Agreement contemplates, among other things, development of the Property with an inclusionary rental residential project containing up to twelve (12) residential units with no commercial component at a twenty percent (20%) affordable housing set aside, and nineteen on-site parking spaces in accordance with the