Garfield Amends Ridge 45 PILOT With New Ridge 45 LLC

Service charge equal to 6% of Annual Shelter Rents plus a Municipal Services Assessment of 5 mills (not to exceed prior year property tax)

FINANCIAL_SERVICES

Service charge and MSA from 2027 tax year annually on or before April 1 until December 31, 2042, or such period of time as may be authorized by state law

2042-12-31

The six percent service charge and 5-mill MSA are extended until December 31, 2042, or such longer period as authorized by state law, provided the project remains Workforce Housing under a recorded Restrictive Covenant. The tax-exempt status and covenant may be assigned to a new ownership entity if the Township is notified in advance and does not object within the notice period due to material changes in project use, ownership qualifications, or compliance status; termination or merger of the Ground Lease that leaves the Sponsor as sole owner does not invalidate the Resolution.

AgendaPacket