Township’s Findings Sample Clauses

Township’s Findings. Pursuant to the Exemption Law, the Township finds that the Long Term Tax Exemption granted pursuant to this Financial Agreement will benefit the Township and the community by assuring the success of the redevelopment of the Project, which has exhibited the statutorily recognized redevelopment criteria for several years. 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 Township, the Redeveloper and the Tenants because without the incentive of the Long Term Tax Exemption, it is unlikely that the Project, which will renovate an historic landmark and provide a viable re-use of the Property in this prominent location within the Township, would be undertaken. The Long Term Tax Exemption will help to offset the costs of developing and constructing the Project. The high costs associated with the renovation of an historic structure and construction of the Project, including upgrades to the intersection, and the real estate taxes that would otherwise be levied upon the Project would operate as a disincentive to the redevelopment of the Property, and would, therefore, frustrate the objectives and goals of the Redevelopment Plan. The renovation and re-use of the historic “Abbey” will also benefit the residents of the Township in preserving an important structure that ties the area to the history of “Millionaire’s Row”. The renovation and re-use of the Abbey structure will also encourage other businesses to invest in the surrounding area.
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