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