2384-13 Memorandum of Understanding.pdf

Township of West Orange Page 1 of 6 Reward Programs / MOU 2384-13 MEMORANDUM OF UNDERSTANDING BETWEEN TOWNSHIP OF WEST ORANGE AND FINCREDIT, INC. FOR THE SHOP WEST ORANGE PROPERTY TAX REWARD PROGRAM DEFINITIONS “Township” shall mean the Township of West Orange, with principal offices located at 66 Main Street, West Orange, New Jersey 07052 “Administrator” shall mean Fincredit, Inc., with a mailing address of P.O. Box 43, Marlboro, New Jersey 07746, and a physical address at 2271 Rt. 33, Suite 106, Hamilton, New Jersey 08690. Fincredit is charged with implementation of the Shop West Orange Program, including entering into agreements with Participating Merchants and Taxpayer Consumers. “Participating Merchant(s)” shall mean business(es) with a location in the Township, or located outside the Township but not competing with any local business, which voluntarily register and enter into an agreement with Applicant to participate in the Shop West Orange Program. “Taxpayer Consumer(s)” shall mean Township property owners, renters, residents of other municipalities who work in the Township, or any individual who voluntarily registers with and enters into an agreement with the Administrator and qualifies for receipt of tax credits or rebates. “Property Tax Reward Cards” shall mean Shop West Orange Program swipe cards issued to Taxpayer Consumers for use at Participating Merchants. DESCRIPTION The Shop West Orange Property Tax Reward Program the (“Shop West Orange Program”), will utilize technology similar to that utilized in connection with traditional “gift and loyalty card” programs in addition to Administrator proprietary software. The goal of the program is to provide Township taxpayers with a financial incentive to patronize participating Township businesses in the form of a Property Tax Reward or other such rebate, and at the same time provide Township-based businesses with a financial incentive, in the form of increased patronage and revenues, to enroll in the program. In summary, a Taxpayer Consumer who patronizes a Participating Merchant will receive a corresponding percentage-of-sale credit on his or her property taxes. Where a non-resident Taxpayer Consumer is an employee in a Township business, or where a Consumer is a resident who is a tenant in the Township, these Taxpayer Consumers may receive a rebate. The key aspects of the program involve: