Orange Township, NJ Monitoring of PILOT Agreement Exemptions

N.J.S.A. 54:4-3.139 ("the Urban Enterprise Zone (UEZ) Residential Tax Abatement Law") and N.J.S.A. 40A:12A-1 ("the Local Redevelopment & Housing Law") permits municipalities to provide a tax exemption to any project that is financed or to be financed by the New Jersey Housing Mortgage Finance Agency ("NJHMFA").

The City of Orange Township ("the City") shall approve the execution of tax abatement agreement with developers pursuant to the Limited Dividend and Nonprofit Housing Corporations or Associations Law, as amended, N.J.S.A. 55:16-1 et seq. (the Limited Dividend Law").

The Developer shall submit financial agreement ("Agreement or Financial Agreement") under the provisions of the Long Term Tax Exemption Law as amended and supplemented, N.J.S.A. 40A: 20-1, et seq. ("Long Term Tax Exemption Law") or N.J.S.A. 40A: 21-1 et. seq. ("Five Year Exemptions and Abatements").

Any property owner who benefits from PILOT payments, such payments shall be monitored within the provision of this resolution if not otherwise specified.

The Director of Finance shall be responsible for monitoring compliance with the financial terms of the PILOT agreements, working in cooperation and collaboration with the Tax Assessor and the Tax Collector. The Director of Finance shall also be responsible for reviewing the annual financial statement for each PILOT agreement so as to ensure the correct amount is billed and collected.