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Resolution of the Mayor and Council of Princeton Authorizing a Shared Services Agreement with the Board of Education of the Princeton Public Schools
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WHEREAS, the Municipality of Princeton (the "Municipality") has entered into a Financial Agreement, pursuant to the Long-Term Tax Exemption Law, N.J.S.A. 40A:20-1, et seq. (the "Tax Exemption Law"), with SC Residential Urban Renewal, LLC ("Financial Agreement") for the Thanet Development-Avalon Bay Project ("Development"), located on what is currently shown and designated as Block 5502, Lot 4 on the Municipality's Tax and Assessment Map; and
WHEREAS, the Financial Agreement requires that SC Residential Urban Renewal, LLC, including its successors and assigns, make quarterly annual service charge payments to the Municipality, which is calculated as a percentage of its gross annual revenue, as more particularly described in the Financial Agreement (the "PILOT Revenue"); and
WHEREAS, the Municipality has pledged a portion of the PILOT Revenue to pay the debt service on bonds issued in connection with the development of the Princeton Senior Living Project (the "Debt Service"); and
WHEREAS, pursuant to the Tax Exemption Law, the Municipality is obligated to transfer five (5%) percent of the PILOT Revenue to the County of Mercer (the "County Payment"); and
WHEREAS, the Board of Education of the Princeton Public Schools (the "Board") is the school board for the Princeton Public Schools, a comprehensive community public school district for the Municipality that serves students from pre-kindergarten through twelfth grade (the "School District"); and
WHEREAS, the School District operates and maintains certain public facilities within the Municipality that are utilized for the School District's educational needs as well as by the Municipality and its residents for civic and club activities, athletic and recreational activities, election pol...
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