Public Notice:
TOWNSHIP OF WOODBRIDGE NOTICE is hereby given that at a Regular Meeting of the Municipal Council of the Township of Woodbridge held on August 19, 2014 The following Ordinance was introduced and read and passed on First Reading: ORDINANCE OF THE TOWNSHIP OF WOODBRIDGE, COUNTY OF MIDDLESEX, NEW JERSEY APPROVING THE APPLICATION FOR A LONG TERM TAX EXEMPTION AND AUTHORIZING THE EXECUTION OF A FINANCIAL AGREEMENT WITH STATION VILLAGE AT AVENEL URBAN RENEWAL, L.L.C., WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq., as amended from time to time (the “Redevelopment Law”), provides a process for municipalities to participate in the redevelopment and improvement of areas in need of redevelopment; and WHEREAS, pursuant to the Redevelopment Law, Block 859-A, Lot 1.01 and Block 867, Lot 1.081, as identified on the tax maps of the Township of Woodbridge (the “Project Site”) have been designated by the Township of Woodbridge (the “Township”) as an “area in need of redevelopment”; and WHEREAS, the Mayor and Township Council have adopted a redevelopment plan for the revitalization and redevelopment of the Project Site, a copy of which redevelopment plan is on file with the Township Clerk (the “Redevelopment Plan”); and WHEREAS, pursuant to the Redevelopment Law, specifically N.J.S.A. 40A:12A-6, the Township designated the Woodbridge Redevelopment Agency as the “Redevelopment Entity”, as such term is defined at N.J.S.A. 40A:12A-3, for the Project Site, with full authority to exercise the powers contained in the Redevelopment Law to facilitate and implement the development of the Project Site; and WHEREAS, the Station Village at Avenel Urban Renewal, L.L.C. (the “Entity”) is in negotiations to become the contract purchaser of the Project Site, or will acquire the Project Site pursuant to the Redevelopment Agreement (as defined herein); and WHEREAS, on the Project Site, an approximately 27.255 acre property adjacent to the existing Avenel train station, the Entity will construct or cause to be constructed 500 residential units with a supporting retail component of 25,000 square feet, an arts center of 10,000 square feet, a village green of 30,000 square feet, and a vest pocket park of 20,000 square feet (the “Project Improvements”) with the required infrastructure and site improvements (collectively, the “Project”) pursuant to the terms and conditions set forth in an agreement between the Agency and the Entity pursuant to the Redevelopment Plan (the “Redevelopment Agreement”); and WHEREAS, the Project will conform to all applicable municipal zoning ordinances as amended by the Redevelopment Plan and will be in conformance with the master plan of the Township; and WHEREAS, the Entity filed the application attached hereto as Exhibit A (the “Application”) seeking approval of an urban renewal project and a form of a Financial Agreement (the “Financial Agreement”) pursuant to the Long Term Tax Exemption Law of 1992, as amended and supplemented, N.J.S.A. 40A:20-1 et seq. (the “LTTE Law”); and WHEREAS, the Township has made the following findings: 1. The Project Site is currently not developed to its maximum potential. The annual real estate taxes currently generated by the undeveloped Project Site are approximately $377,000.00. In contrast, the estimated Annual Service Charge (as defined in the Financial Agreement), to be generated by the Project over the term of the Financial Agreement is estimated to be more than $1,000,000.00. Upon expiration of the exemption, the Project will be fully assessed and conventionally taxed; 2. The Project will accelerate the redevelopment of the Project Site by providing new residential housing units, retail space, an arts center and a park. Further, the Project will generate jobs, increase tax ratables and provide public improvements. When compared to the costs, if any, associated with the tax exemption, the Township finds that the benefits outweigh the costs, recognizing that the Township will retain ninety-five percent (95%) of the amount of the PILOT, and this transit-oriented project is not anticipated to generate many public school children based on the experience of other municipalities with transit-oriented projects; 3. Given the scale of the Project, and in light of market conditions and other factors currently impacting investment risk, including the historical contamination of the Project Site, it is not financially feasible to undertake the development of the Project in the absence of the tax exemption provided by this Agreement; 4. The Project will result in the creation of 150 construction jobs and, upon completion and full operation, approximately 24 permanent jobs; and 5. The Project is consistent with the Redevelopment Plan, will further its objectives, and will contribute to the economic growth of the Township. WHEREAS, in order to enhance the economic viability of and opportunity for a successful project, the Township will enter into the Financial Agreement in the form attached hereto as Exhibit B with the Entity governing the terms of the tax exemption and the Annual Service Charge paid to the Township; and WHEREAS, the Council has determined that the Project represents an undertaking permitted by the LTTE Law, and has further determined that the Project is an improvement made for the purposes of clearance, replanning, development, or redevelopment of an area in need of redevelopment within the Township, as authorized by the LTTE Law; and WHEREAS, the Mayor has submitted the Application and Financial Agreement to the Council with his recommendation for approval (the “Mayor’s Recommendation”), a copy of which recommendation is on file with the Township Clerk; and NOW, THEREFORE, BE IT ORDAINED BY THE TOWNSHIP COUNCIL OF THE TOWNSHIP OF WOODBRIDGE, NEW JERSEY AS FOLLOWS: 1. An exemption from taxation as set forth in the Application is hereby granted to the Entity, with respect to the Project on the Project Site for the term set forth in the Financial Agreement; provided that, as provided for in N.J.S.A. 40A:20-12, in no event shall the tax exemption exceed the earlier of (i) thirty-five (35) years from the date of execution of the Financial Agreement or (ii) thirty (30) years from the completion of the Project, or part thereof for which the Entity has received a Certificate of Occupancy; and the exemption shall remain in effect only so long as the Entity remains subject to and complies with the Financial Agreement and the LTTE Law and the obligation to complete construction of the improvements required by the Redevelopment Plan and the Redevelopment Agreement; and provided, further that, as required by NJSA 40A:20-12 (b), in no event shall the Annual Service Charge be less than the amount of the total taxes levied against all real property in the area covered by the project in the last full tax year in which the area was subject to taxation. 2. The Mayor and/or Township Administrator, in consultation with Special Counsel to the Township, are hereby authorized to execute and/or amend, modify or make such necessary changes to the Application, the Mayor’s Recommendation, the Financial Agreement and any other agreements or documents necessary to effectuate this ordinance and the Financial Agreement. 3. The executed copy of the Financial Agreement and this ordinance shall be certified by the Township Clerk and filed with the Tax Assessor for the Township and filed with the Director of the Division of Local Government Services. 4. The Project shall conform with all federal and state law and ordinances and regulations of the Township relating to its construction and use, including the Redevelopment Plan. 5. The Entity shall, from the time the Annual Service Charge becomes effective, pay the Annual Service Charge as set forth in the Financial Agreement. 6. The Project will result in the redevelopment of the Township by providing a new mixed-use development including residential units, retail space, an arts center and a park. 7. The Financial Agreement with the Entity is a necessary inducement to the undertaking of the Project. This Ordinance shall take effect 20 days after adoption and publication according to law. Said Ordinance remains on file in the office of the Municipal Clerk for Inspection and on line at www.twp.woodbridge.nj.us Notice is further given that said Ordinance will be further considered for Final Passage by said Municipal Council at a Regular Meeting of that body, to be held at the Memorial Municipal Building, 1 Main Street, Woodbridge, N.J. on September 2, 2014 at 7:00 pm in the evening, at which time and place all persons interested therein will be given an opportunity to be heard concerning the same. John M. Mitch, RMC,CMC,CMR Municipal Clerk ($139.34) 66677
Public Notice ID: 21666884.HTM
