HomeMy Public PortalAboutr 96:228No. 96-228
Date of Adoption AUGUST lX 1996
TAX ABATEMENT RESOLUTION
WHEREAS, Frank Raia and or successors, (hereinafter referred to as the
"Sponsor") proposes to construct a housing project (hereinafter referred to as the
"Development" or "Project") pursuant to the provisions of the New Jersey Housing
and Mortgage Finance Agency Law of 1983, as mended (N.J.S.A. 55:14K-l, et seq.)
(hereinafter referred to as the "HMFA Law") within the Borough of Carteret
(hereinafter referred to as the "Municipality") on the site described as Lot 4
Block 192 the Borough of Carteret, Middlesex County and commonly known
as 253 Romanowski Street, Carteret, New Jersey; and
WHEREAS, the Development will be subject to the Rules and Regulations of the
New Jersey Housing and Mortgage Finance Agency (hereinafter referred to as the
"NJHMFA"); and
WHEREAS, pursuant to the provisions of the HMFA Law, the Governing Body of
the Municipality hereby certifies that there is a need for this low and moderate income
housing project in the Municipality; and
WHEREAS, the Sponsor has presented to this body a proposal covering the cost of
the land and improvements and the operation of the Development as estimated by the
Sponsor and NJHIVlFA, which reasonably assures the successful completion and
operation of the Development.
NOW, THEREFORE, BE IT RESOLVED by the Borough Council of the
Borough of Carteret that it finds and certifies that:
(a) The proposed Development will meet or meets an existing
housing need.
(b) The proposed Development conforms or will conform to the
requirements of all applicable ordinances of this Municipality.
(c) The development of the Project is hereby approved; and
BE IT FURTHER RESOLVED, that:
(1) The Borough Council hereby adopt the within Resolution
and make the determination and findings therein contained
by virtue of, pursuant to, and in conformity with the provisions
of the HMFA Law with the intent and purpose that the NJHMFA
shall rely thereon in making a mortgage loan to the Sponsor,
which shall construct, own and operate the Development; and
NO. 96-228 PAGE 2
(2) The Borough Council does hereby adopt the within Resolution
with the further intent and purpose that fi.om the date of execution
of the NJHMFA mortgage, the proposed Development will be
exempt fi.om real property taxation as provided in N.J.S.A. 55:14K-
1 et seq., and that, in lieu of taxes, said Sponsor shall make to the
Municipality payment of an annual service charge for municipal
services supplied to the Development in such amounts and manner
set forth in the Agreement for Payments in Lieu of Taxes attached
hereto as Exhibit "B". The exemption is being made with the
understanding that the land shall continue to be assessed but shall
be credited toward the annual service charge; and
(3) The Borough Council hereby authorized and directs the Mayor
and the Borough of Carteret to execute, on behalf of the Municipality,
Agreement for Payments in Lieu of Taxes in the form annexed hereto
as Exhibit "B"; and
(4) The Borough Council understands and agrees that the amounts set
forth in Exhibit "A" are estimates only and agrees that the Sponsor
may, upon NJHMFA approval, make reasonable changes in the
construction, maintenance and operation of the development to
ensure compliance with financial and statutory requirements of
NJHMFA, which will necessitate reasonable changes in the amounts
set forth in Exhibit "A".
Adopted this 15th day of August, 1996
and certified as true copy of the
original on August 16, 1996.
KATHLEEN M. BARNEY,
Municipal Clerk
RI~;CORI) OF COUNCIL VOTE
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F~ VESEY
X - h~d~c~e Vo~e AB - Ab~en~ NV - No~ Voting XOR - h~dk~cs Vo~e ~o Ove~ndc Veto sj
AUGUST 15, 1996