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Resolution of the Mayor and Council of Princeton Authorizing Block 7401, Lot 20 to be Added to the Princeton Tax Exempt List
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WHEREAS, the multi-family development on Block 7401, Lot 20 Princeton Tax Map (309 North Harrison Street) is a component of the Princeton Affordable Housing Program; and
WHEREAS, the Municipality has entered into a Developer’s Agreement with Terhune Development LLC, the owner of said property, that provides for a Payment In Lieu Of Taxes (PILOT); and
WHEREAS, the Princeton Tax Assessor and Tax Collector have requested that said property be placed on the Princeton Tax Exempt List so that PILOT payments for the property can be made to the Municipality as provided for in said Developer’s Agreement.
NOW THEREFORE BE IT RESOLVED by the Mayor and Council of the Municipality of Princeton as follows:
1. The Princeton Tax Assessor is hereby authorized to add the above-referenced property to the Princeton Tax Exempt List.
2. The Princeton Tax Collector is hereby authorized to cancel any prior tax billings for said property and refund any payments which may have been made for said property.
3. A certified true copy of this Resolution shall be furnished by the Municipal Clerk to the Princeton Tax Assessor and the Princeton Tax Collector upon its adoption.