Borough’s Findings. Pursuant to the Exemption Law, the Borough finds that, in addition to the findings and determinations set forth in the recitals to this Agreement and incorporated by reference herein, the Long Term Tax Exemption granted pursuant to the Ordinance and this Agreement will benefit the Borough and the community by assuring the success of the redevelopment of the Land, which exhibits the statutorily recognized redevelopment criteria. The benefits of granting the Long Term Tax Exemption will substantially outweigh the costs, if any, associated with the Long Term Tax Exemption. The Long Term Tax Exemption is important to the Borough and the Entity because without the incentive of the Long Term Tax Exemption, it is unlikely that the Project would be undertaken due to the competitive alternatives available in other jurisdictions. The Long Term Tax Exemption is expected to attract an owner/occupant to the Project. The real estate taxes that would otherwise be levied upon the Project would operate as a disincentive to the owner/operator thereof, and would therefore frustrate the objectives and goals of the Redevelopment Plan.
Borough’s Findings. Pursuant to N.J.S.A. 40A:20-11, the Borough makes the following findings with respect to the tax exemption granted in this Agreement:
(a) The relative benefits of the Project to the redevelopment of the Redevelopment Area when compared to the costs, if any, associated with the Exemption:
(i) This Agreement will benefit the Borough and its inhabitants by furthering the redevelopment of the Redevelopment Area, specifically, the Property, which has been an unproductive property for many years as part of the former Fort Monmouth, in need of adaptive reuse;
(ii) The Agreement will allow for the development of the Project which will contribute to the economic growth of the Borough;
(iii) The tax exemption granted in this Agreement will benefit the Borough and its inhabitants by furthering the redevelopment of the Redevelopment Area pursuant to the objectives of the Redevelopment Plan;
(iv) The Borough’s review and analysis indicates that the benefits of the Project and Exemption outweigh any costs that could be associated and that the revenue generated will yield an annual revenue surplus in contrast to the deficit from the currently unused Property; and
(v) It is expected that the Project will create a substantial number of jobs during construction and additional permanent jobs thereafter.
(b) Assessment of the importance of the tax exemption in obtaining development of the Project and influencing the locational decisions of probable occupants:
(i) The Exemption offset the significant costs of development of the Project and the significant capital investment being made by the Entity to redevelop the Property;
(ii) The Exemption will influence the locational decisions of the prospective occupants of the Project because without the Exemption, rents would be higher and prospective occupants of the Project would likely have located in other areas where the rents are lower due in large part to the absence of substantial costs of redevelopment and to lower tax rates;
(iii) The relative stability and predictability of the service charges will allow the Entity and its prospective tenants to stabilize their expenses, allowing a high level of maintenance to the Project, which will insure the likelihood of the success of the Project and insure that it will have a positive impact on the surrounding area; and
(iv) The relative stability and predictability of the annual service charges will make the Project more attractive to investors and lenders needed to finance the Proje...
Borough’s Findings. The Borough makes the following findings with respect to the tax exemption granted in this Financial Agreement:
a. The exemption will benefit the Borough and its inhabitants by furthering the rehabilitation and redevelopment of the subject Property and the neighborhood surrounding the subject Property. Rehabilitation and redevelopment of the subject Property will prevent further decline in the condition and value of the Property and the surrounding area, permitting the Borough to rely more on the Property and the surrounding area as a source of future tax revenue, thereby enhancing the long-term value of the Property to the Borough. These benefits are expected to outweigh substantially any costs to the municipality associated with the tax exemption.
b. The tax exemption to be granted under this Financial Agreement is important to the Borough. Because of the cost of rehabilitation and redevelopment of the subject Property, it is likely that the work would not be undertaken without the incentive of the tax exemption granted under this Financial Agreement.
Borough’s Findings. Pursuant to the Exemption Law, the Borough finds that the Long Term Tax Exemption granted pursuant to this Financial Agreement will benefit the Borough and the community by assuring the success of the redevelopment of the Redevelopment Area, which exhibits the statutorily recognized redevelopment criteria. The development and construction of the Project, as set forth in the Redevelopment Agreement and Redevelopment Plan, will be beneficial to the overall community; will achieve the goals and objectives of the Redevelopment Plan; will help revitalize the Redevelopment Area, including environmental remediation of the Redevelopment Area; will improve the quality of life for the community; is expected to generate 400 construction jobs and 2 permanent jobs; will serve as a catalyst for further private investment in areas surrounding the Redevelopment Area and will enhance the economic development of the Borough. The benefits to the Borough accruing as a result of the Project, including the generation of jobs, the revitalization of the Redevelopment Area, the environmental remediation of the Redevelopment Area, and the generation of municipal revenues, will substantially outweigh any incremental costs to the Borough resulting from the Long Term Tax Exemption granted herein. The Long Term Tax Exemption is important to the Borough and the Entity because without the incentive of the Long Term Tax Exemption, it is unlikely that the Project would be undertaken. The Long Term Tax Exemption will allow the Entity to provide a high level of maintenance for the Redevelopment Area.
