HomeMy Public PortalAboutr 95:034No. _ 95-34
Dn~e of AdopllomdANUARY 19, _1995
PAY~ IN LI~J OF TAXES AND Ab~IZIN~ EXECUTION
OF SAID ACR~
WHI~tF~S, Frank Raia and Anthony Sirignano, the purchasers of 59, 561
565, 567 and 579-581 Roosevelt Avenue in the Borough of Carteret, have
made application to the State of New Jersey, Department of Community
Affairs, Division of Housing, in accord with the provisions of the New
Jersey Housing Finance Agency Law of 1967 for financing of the said
projects located at 59, 561, 565, 567 and 579-581 Roosevelt Avenue in the
Borough of Carteret, in order to construct multi-family dwelling units for
low and moderate income families; and
WIiI~,EAS, in order to obtain State construction/permanent financing,
it is necessary that the applicant .e.nter ~into an agreement with the
Borough of Carteret for a payment in i~eu ox taxes and a tax abatement;
WHI~F/~, the Borough Council has reviewed and considered the proposal
and determined that it will help meet existing housing needs and conforms
to all applicable ordinances of the Borough of Carteret and has or is
about to be approved by all agencies having jurisdiction; and
· WHI~.E/~, the Borough of Carteret has adopted a policy of approving
pro0ects of this nature and granting tax abatements with payment in lieu
of taxes by developecs; and
I~II~ESS, the Borough of Carteret determines this proposal to be in
the public interest and is favorably disposed to grant tax abatements at
the appropriate time;
NOW, ~,I~ORE, BE IT RESOLVI~ by the Borough Council of the Borough
of Carteret that it does hereby endorse the within projects as being in
the best interest of the residents of the Borough of Carteret and it does
hereby signify its intent to grant a tax abatement in the form of an In
Lieu of Taxes Payment upon the following terms and conditions:
1. Approval of this application by the Dep~rtment of
Community Affairs, Division of Housing.
2. Approval of construction/permanent financing in
connection with the projects by the New Jersey Housing
Finance Agency.
3. Execution by the developer and the Borough of a formal
agreement for tax abatement and an In Lieu of Tax
P~yment in an amount to be established and agreed upon.
4. Submission to the Borough of Carteret by the developer
of a completed financial estimate relating to annual
service charges of the developer.
NO. 95-34 PAGE. 2
5. Such other approvals as may be required by the State
of New Jersey or any agency thereof in order for the
developer to gain approval of the project by the New
Jersey Housing Finance Agency.
Adopted this 19th day of January, 1995
and certified as a true copy of the
original on January 20, 1995.
KA~HLE~IN M. BARNEY,
Municipal Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO NV A.B.
BIALOWARCZOK X S~IZA X
FEINGOLD X ZIM~BA X
O'BRIM~ X
X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote to Overmle Vet() sj
Adopted at a meeting of the Municipal Council
~ / _ Januarv 19. 1995
CLERK ~