191-18 Exhibit.pdf

Financial Agreement Between the Township of West Orange, New Jersey and Valley Road Residential Urban Renewal, LLC pursuant to the Long Term Tax Exemption Law N.J.S.A 40A:20-1 et. seq., . . . . . ‘ st This Financial Agreement ("Agreement") is entered into this av day of Maven, 2017 by and between the Township of West Orange, New Jersey (the “Municipality") and Valley Road Residential Urban Renewal, LLC ("LLC") a Limited Liability Company, and duly recognized urban renewal entity, organized under the laws of the State of New Jersey. WITNESSETH WHEREAS, LLC is in the process of undertaking the construction of a housing project consisting of one hundred (100) apartment units on land located at 22-24 Central Avenue consisting of Block 9 Lots 1, 7, 44, 50 & 56 on the Municipal tax map for both low income and market rate households (the "Project"), which development, by providing such shelter, serves an important public purpose and benefit to all of the citizens of the Municipality; © and WHEREAS, LLC has applied to the Mayor and Municipal Council (the “Application") and the Mayor and Municipal Council of West Orange have resolved to exempt the Project from real property taxation in accordance with the Long Term Tax Exemption Law, as amended or supplemented in the future. N.J.S. A. 40A:20-1 et. seq. {the "Law"); and WHEREAS, the Municipality and LLC have agreed that in lieu of Property taxes on the improvements to be situated on Block 9 Lots 1, 7, 44, 50 & 56 as shown on the official tax map of the Township of West Orange, the Municipality shall impose upon LLC, an annual service charge as hereinafter provided; and WHEREAS, the Municipality and LLC desire to enter into this Financial Agreement to set forth in writing their respective rights and obligations pursuant to the provisions of the Law. NOW THEREFORE, in consideration of the promises and mutual covenants herein contained, the parties hereto agree as follows: 1. Controlling Law: This agreement shall be governed by the provisions of the Law. It is expressly understood and agreed that the Township relies upon the facts, data, and representations ROS:864175.1/1e0056-240825