Borough of Metuchen, NJ Article 3 Metuchen Senior Citizens Housing Project

[Adopted 8-16-2010 by Ord. No. 2010-11]

§ 172-10 Purpose.

The Project[1] (35 Lincoln Avenue, Lot 150, Block 208) meets an existing housing need.

[1] Editor's Note: "The Project" refers to the Metuchen Senior Citizens Housing Project, a one-hundred-twenty-two unit senior housing project on a site described as Lot 150, Block 208, commonly known as 35 Lincoln Avenue.

§ 172-11 Determinations and findings.

The Council does hereby make the determinations and findings herein contained by virtue of, pursuant to and in conformity with the requirements of the deed restrictions and the manner in which the Project has existed and operated since its inception and with the intent and purpose that the Department of Community Affairs, Federal Housing Administration, of the Department of Housing and Urban Development and other public/private agencies, authorities and lenders overseeing or extending financing to the Project and sponsor for the Project shall rely hereon now and in the future.

§ 172-12 Exemption from real property taxes.

The Council does further ordain and adopt this article for the intent and purpose that from the date of final adoption of this article that the Project, including both the land and improvements thereon, shall be exempt from real property taxation so long as the deed restrictions shall continue in effect, provided that payments in lieu of taxes for municipal services supplied to the Project are made to the Borough in such amounts and manner as are set forth in the agreement for payment in lieu of taxes dated September 25, 2006, between Metuchen Associates, LLC and the Borough ("the September 26, 2006, PILOT"), which September 26, 2006, PILOT shall be amended to expressly state that the exemption of the Project from real property taxation and the sponsor's obligation to make payments in lieu of taxes shall extend to and including October 31, 2042, and to further state that the sponsor shall make payment to the municipality in an amount equal to 6.28% of the Project revenues, as defined in such restated and amended September 26, 2006, PILOT up to and including October 31, 2042.

§ 172-13 Authorization to execute agreement.

The Council hereby authorizes and directs the Mayor of the Borough of Metuchen to execute, on behalf of the Borough, an agreement restating and amending same to extend the term of the September 25, 2006, PILOT and the grant of tax exemption upon the above-stated terms, provided Metuchen Associates, LLC, confirms its concurrence that not less than 63 units shall be reserved as set forth above.