149-22 Exhibit - Parking Agreement for the Property at 14 Northfield Avenue.pdf

PARKING AGREEMENT BY AND BETWEEN THE TOWNSHIP OF WEST ORANGE, NEW JERSEY AND WEST CRESCENT REALTY. LLC THIS PARKINC AGREEMENT is made this_day of January, 2022 (hereinafter this "Agreement"), between West Crescent Realty, LLC (hereinafter referred to as the "Owner")n a New Jersey timited liability company having its principal office at 4403-l5th Avenue #515, Brooklyn, New York ll2l9; and The Township of West Orange, a public body corporate and politic in the State of New Jersey with an address at 66 Main Street, West Orange, New Jersey 07052 (the "Township"); and together with the Owner, (the "Parties"). WHEREAS, the Township has adopted an Ordinance regulating parking in the Township, Section 7-50. I et. seq.; and WHEREAS, pursuant to Section 7-50.3(0, the Ordinance provides that the Chief of Police or designate, as authorized by the Township Council, shall have the authority to issue permits for use in rnunicipal parking yards for twenty-four (24) hour parking; and WHEREAS, pursuant to subsectron (fl(2), parking permits can be issued on an annual or serni-annual basis with automatic renewal provided payment is made in full no later than the first day of the first month for which the permit is valid and the applicants for automatic renewal are bona fide residents of the Township of West Orange; and WHEREAS, the Owner is the olvner ofproperly located at 14 Northfield Avenue, a mixed use building with commercial tenants on the first floor and vacant apartments on the second and third floors; and WHEREAS, the Owner seeks to renovate the vacant apaftment space to provide for additional units, which will require local land use approval from the Towrrship; and WI{EREAS, an application for land use approvals will trigger the need for the owuer to obtain a parking variance, because the property currently contains no confoming parking spaces; and WHEREAS, the attractiveness of these apartments to potential tenants will be considerably enhanced by the availability of reserved parking in close proximity; and WHEREAS, it is anticipated that, for the Owner to be successful in obtaining a parking variance from the Planning Board, it will be necessary to demonstrate to the Planning Board that available off:site parking u'ill be reserved for these

he Owner to be successful in obtaining a parking variance from the Planning Board, it will be necessary to demonstrate to the Planning Board that available off:site parking u'ill be reserved for these tenants for a fixed period of time; and 4872-6508-0069. u. 1