Legal Notice: Notice is hereby given that the following Ordinance, numbered #O 08-2024 was passed on first reading at a regularly scheduled meeting of the Mayor and Common Council of Gloucester City held on March 25, 2024, thus ORDINANCE APPROVING THE APPLICATION AND FINANCIAL AGREEMENT FOR A LONG-TERM TAX EXEMPTION WITH VP BURLINGTON URBAN RENEWAL, LLC FOR THRE PROJECT IMPROVEMENTS SET FORTH IN THE APPLICATION TO BE CONSTRUCTED ON PORTIONS OF BLOCK 50, LOT 1 ON THE OFFICIAL TAX MAP OF THE CITY OF GLOUCESTER CITY WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq., as amended and/or supplemented (the “Redevelopment Law”), provides a process for municipalities to participate in the redevelopment and improvement of areas in need of redevelopment or rehabilitation; and WHEREAS, the Mayor and Common Council of the City of Gloucester City (the “City Council”), by way of Resolution No. R078-2024 designated Block 50, Lot 1 (the “Property”) as a Non-Condemnation Area in Need of Redevelopment following the investigation and public hearing conducted by the Planning & Zoning Board of the City pursuant to the Redevelopment Law; and WHEREAS, pursuant to its plans for the revitalization of the City of Gloucester City, the City Council adopted Ordinance #05-2024 on March 25, 2024 adopting a redevelopment plan for Block 50, Lot 1 entitled “Redevelopment Plan Block 50, Lot 1 in the City of Gloucester,” dated February 2024 (the “Redevelopment Plan”), setting forth plans for the development, redevelopment, planning, and zoning of the Property; and WHEREAS, in order to implement the development and renovation of the Redevelopment Area the City Council negotiated and entered into a Redevelopment Agreement dated April 22, 2024 (the “Redevelopment Agreement”) with VP Burlington Urban Renewal, LLC (the “URE” or “Redeveloper”), which Redevelopment Agreement specifies the rights and responsibilities of the City and Redeveloper with respect to the Project, as defined below; and WHEREAS, Redeveloper submitted a proposal to renovate an existing structure on the Property into fifteen (15) apartments, as well as associated onsite amenities, with associated parking on the Property (the “Project Improvements”); and WHEREAS, pursuant to the Redevelopment Agreement, the URE has agreed to undertake financing, construction, and completion of the Project Improvements, the obtaining of all Governmental Approvals (as defined in the Redevelopment Agreement), the site preparation of the Property and such other obligations as are set forth in the Redevelopment Agreement (the “Project”); and WHEREAS, in order to effectuate the financing of the Project, the Mayor and City Council have agreed to enter into a Financial Agreement (the “Financial Agreement”) with the URE, substantially in the form attached hereto as Exhibit “A,” authorizing a long-term tax exemption pursuant to the Long-Term Tax Exemption Law (“LTTEL”), N.J.S.A. 40A:20-1, et seq.; and WHEREAS, pursuant to the requirements of the LTTEL, the URE provided the City with the information required by Section 8 of the LTTEL in the form of an application for long-term tax exemption (the “Application”); and WHEREAS, such information provided the City with the basis for determining to execute the Financial Agreement; and WHEREAS, the Mayor and City Council find that the relevant benefits of the redevelopment of the Property outweigh the loss, if any, of property tax revenue in granting the long-term tax exemption; and WHEREAS, the City Council has determined that the assistance provided to the Project pursuant to the Financial Agreement is a significant inducement for the Redeveloper to proceed with the Project; and WHEREAS, the City and the Redeveloper have agreed to execute a Financial Agreement. NOW, THEREFORE, BE IT ORDAINED, by the City Council of the City of Gloucester City as follows: Section 1 . The foregoing recitals are incorporated herein by reference as if fully set forth at length. Section 2. That the Application for long-term tax exemption filed by VP Burlington Urban Renewal LLC hereby be granted; and Section 3 . That the Financial Agreement is approved and that the Mayor and/or City Administrator and the City Clerk are hereby authorized to execute the Financial Agreement, upon the review and approval of its final form by the City Administrator, City Solicitor, and City Redevelopment Counsel, which such final form will be on file with the City Clerk. Section 4 . All ordinances or parts of ordinances inconsistent with this Ordinance are hereby repealed to the extent of such inconsistency. Section 5 . In the event any clause, section, or paragraph of the ordinance and/or the Financial Agreement is deemed invalid or unenforceable for any reason, it is the intent of the City Council that the balance of the Ordinance and/or Financial Agreement remain in full force and effect to the extent it allows the City to meet the goals of the Ordinance. Section 6. This Ordinance shall take effect immediately after final adoption in accordance with law. I hereby certify that the foregoing ORDINANCE was approved for final adoption by the Mayor and Common Council of the City of Gloucester City, County of Camden, State of New Jersey on the 22nd day of April, 2024. Vanessa L. Little, City Clerk Dated:5/1/24 Prt's Fee:$72.00 Affidavit Fee:$5.00