Township Council Meeting — Packet

207-25 September 8, 2025 RESOLUTION OF THE TOWNSHIP OF WEST ORANGE ACKNOWLEDGING AND AUTHORIZING THE ASSIGNMENT OF THE FINANCIAL AGREEMENT FROM GREEN ESSEX PARTNERS URBAN RENEWAL, LLC TO STONEHILL URBAN RENEWAL LLC WHEREAS, the Mayor and Township Council (the “Governing Body”) of the Township of West Orange (the “Township”), adopted Resolution 249-20 on December 15, 2020 designating, Block 155, Lots 40.02 (100 Executive Drive), 41.02 (10 Rooney Circle), and 42.02 (200 Executive Drive) as an “area in need of redevelopment” (the “Redevelopment Area”) pursuant to the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq. (the “Redevelopment Law”); and WHEREAS, in accordance with the Redevelopment Law, the Township adopted Ordinance 2632-21 on February 9, 2021 enacting a redevelopment plan for the Redevelopment Area entitled “Executive Drive – Rooney Circle Redevelopment Plan” (as further amended and supplemented from time to time, the “Redevelopment Plan”); and WHEREAS, the Township and Green Essex Partners Urban Renewal, LLC (“Redeveloper”), entered into a redevelopment agreement, dated March 10, 2021 (the “Redevelopment Agreement”), pursuant to which Redeveloper would merge Lots 40.02 and 42.02 to develop up to 425 rental apartments, including up to 64 affordable units (not less than 15 percent of the total number of units constructed) and 361 market rate units, amenity space including a pool, landscaped courtyard and an on grade landscaped park area, as well as construction and conveyance to the Township of a Public Dog Park and construction of a Library upon Lot 41.02 to be conveyed to the Township (the “Project”); and WHEREAS, In furtherance of the Project, on March 10, 2021, the parties entered into a financial agreement, pursuant to N.J.S.A. 40A:20-1 et seq. (the “Exemption Law”) for the residential development portion of the Project of Block 155, Lots 40.02 and 42.02 (the “Residential Development”), providing for the Township’s issuance of bonds pursuant to that certain bond agreement dated March 18, 2022 (the “Bond Agreement”) in an aggregate principal amount not to exceed $4,500,000 (the “Bonds”), pursuant to the Redevelopment Area Bond Financing Law, N.J.S.A. 40A:12A-64, et seq. (the “RAB Law”), and tax exemption in payment in lieu of taxes to secure the Bonds as well as pay municipal revenue to the Township (the “Financial

rea Bond Financing Law, N.J.S.A. 40A:12A-64, et seq. (the “RAB Law”), and tax exemption in payment in lieu of taxes to secure the Bonds as well as pay municipal revenue to the Township (the “Financial Agreement”); and WHEREAS, Redeveloper has completed construction of the Project, including the Residential Development consisting of the construction of 423 residential dwelling units, of which 359 are market rate and 64 are be low- and moderate-income units, located upon the consolidated Block 155, Lot 42.03 (the “Property”), as evidenced by the Certificate of Completion issued by the Township on December 12, 2024, recorded on January 8, 2025 in the Office of Essex County Register as Instrument Number 2025001488 (the “Certificate of Completion”); and WHEREAS, Redeveloper has entered into an agreement with SREF REIT Acquisitions LLC, which is a wholly owned by Sentinel Real Estate Fund Holding, LLC (“Sentinel”), to convey the Property to Stonehill Urban Renewal LLC, which is also wholly owned by Sentinel (“Stonehill”), and to assign the Financial Agreement from Redeveloper to Stonehill; and 55246/0018-51196376v5