Lkwd Township To extend PILOT in Cedarbridge Redevelopment for 35 years

An ordnance and resolution  for the first reading is scheduled for the Lakewood township committee meeting.  Referring An Amendment To The Cedarbridge Redevelopment Plan Pursuant To The Local Redevelopment And Housing Law (N.J.S.A. 40a:12a-1 Et Seq.) To The Planning Board For Review

 It will allow the remaining 113 lots in Cedarbridge Redevelopment area to continue and permit applications to make payments-in-lieu-of-taxes (PILOTs) for a period of thirty-five (35) years, for lots within the Cedarbridge Redevelopment Area.  The Township reiterates that,  it is in order to continue to incentivize investment in and the overall success of the Cedarbridge Redevelopment Area.   it is necessary and appropriate to further amend the Redevelopment Plan consistent with this Ordinance in order to better effectuate the redevelopment objectives of the Township.

 The ordnance says that the old plan is outdated while the Growth Development Plan  was a useful tool in 2002 for providing a conceptual blueprint for the Cedarbridge Redevelopment Area from the standpoint of constructing roads, drainage and utility infrastructure, and providing a framework for future lot division, its purpose has long-been served, as all critical infrastructure has been installed;  the broader redevelopment of the Cedarbridge Redevelopment Area has been  governed solely by the Redevelopment Plan for the past 15-years; and  "any continued reliance on the GDP is outdated and would be inconsistent with the goals of the Redevelopment Plan given changes in market conditions."

Full Ordnance here page 119 or see below


2020-020 An Ordinance Of The Township Of Lakewood, County Of Ocean, State Of New Jersey
Amending The Cedarbridge Redevelopment Plan Pursuant To The Local Redevelopment And Housing Law (N.J.S.A. 40a:12a-1 Et Seq.) 40A:12A-1 ET SEQ.)
WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq. (the “LRHL”), authorizes the Township Committee of the Township of Lakewood (the “Township”) to adopt by ordinance redevelopment plans and amendments to redevelopment plans concerning areas designated as being in need of redevelopment or rehabilitation;
WHEREAS, the Township previously designated the Cedarbridge Redevelopment Area (the DA-1
District on the Township zoning map and previously known as the Southwest Acquisition Area) as an area in need of redevelopment pursuant to the LRHL;
WHEREAS, on January 25, 1990, the Township adopted the Cedarbridge Redevelopment Plan (the
“Redevelopment Plan”) pursuant to Ordinance No. 1990-143;
WHEREAS, on June 1, 2000, the Township adopted an amendment to the Redevelopment Plan
pursuant to Ordinance No. 2000-35, and executed an agreement (as subsequently amended, the “Option Agreement”) to implement the Redevelopment Plan through a designated redeveloper;
WHEREAS, on December 3, 2015, the Township adopted an amendment to the Redevelopment Plan
pursuant to Ordinance No. 2015-66;
WHEREAS, the designated redeveloper under the Option Agreement is currently Cedarbridge Development LLC (“CDLLC”), as successor-in-interest to Cedarbridge Development Urban Renewal Corporation;
WHEREAS, on June 18, 2002, in furtherance of the Redevelopment Plan, the Township Planning
Board (the “Planning Board”) adopted Resolution SD# 1373, memorializing the grant of preliminary major subdivision approval and general development plan (“GDP”) approval for that portion of the Cedarbridge Redevelopment Area composed of all lots in Blocks 892, 894, 895, 896, 897, 898, 900 through 916, 918, 919, 920, 921, 923, 924, 925, 926, 939 through 948; Block 899, Lot 2; Block 899, part of Lot 1; and part of Blocks 917, 922, 927, 935, 936, 937, 938 and 961, as then shown on the Township tax maps;
WHEREAS, on February 15, 2005, the Planning Board adopted Resolution SD# 1373A,
memorializing the grant of final major subdivision approval for a portion of the Cedarbridge Redevelopment Area then known and designated as Block 961, Lot 2 on the Township tax maps;
WHEREAS, the purpose of the GDP was to provide initial conceptual guidelines for the general
subdivision of the Cedarbridge Redevelopment Area, and the location and construction of internal roadways, drainage basins and utility infrastructure to serve that subdivision, all of which have been constructed in compliance with the GDP;
WHEREAS, the GDP expires on that date which is 20-years following the final approval of the first
section of development pursuant to Planning Board Resolution SD# 1373A, and thus expires on February 15, 2025;
WHEREAS, pursuant to the June 1, 2000 amendment, the Redevelopment Plan will be in effect for
25-years, expiring on May 31, 2025;
WHEREAS, the Option Agreement does not have any fixed expiration date and, instead, permits
successive, automatic 5-year renewals, in accordance with the terms thereof;
WHEREAS, on or about November 3, 2010, an action captioned Yehuda Shain and Joseph
DeFalco v. The Township of Lakewood in the County of Ocean, New Jersey, and Cedarbridge
Development, LLC, was commenced in the Superior Court of New Jersey, Law Division, Ocean County under Docket No. OCN-L-4118-10PW (the “Action”) seeking to challenge certain aspects of the Redevelopment Plan and the Option Agreement;
WHEREAS, as a result of the Action, the Township and CDLLC entered into a tolling agreement
dated as of January 17, 2013 (the “Tolling Agreement”) which tolled the running of time limits and performance milestones under the Option Agreement and the Redevelopment Plan pending the final disposition of the Action, including the exhaustion of all appeal periods relating thereto;
WHEREAS, all appeals relating to the Action were exhausted as of February 7, 2017, thereby
resulting in a tolling period of 2,288 days (or 6 years, 3 months and 4 days) under the Tolling Agreement;
WHEREAS, to date, CDLLC has acquired approximately 102.408 acres of land within the
Cedarbridge Redevelopment Area which, based on the formula in the Option Agreement and after taking into consideration the tolling of time under the Tolling Agreement, vests rights under the Option Agreement through September 20, 2034, subject to further extensions as provided therein as additional portions of the Cedarbridge Redevelopment Area are acquired in the future;
WHEREAS, after taking into consideration the tolling of time under the Tolling Agreement, the
expiration date under the Redevelopment Plan is September 4, 2031;
WHEREAS, there are approximately 113-acres remaining in the Cedarbridge Redevelopment Area to
be acquired under the Option Agreement which, based on the terms thereof, could extend the vesting of development rights well beyond 2050;
WHEREAS, the Township has determined that the implementation of the Redevelopment Plan would
be benefitted by further amending the Redevelopment Plan in a manner which better aligns the timing and performance obligations thereunder with the terms of the Option Agreement;
WHEREAS, the Township has also determined that while the GDP was a useful tool in 2002 for
providing a conceptual blueprint for the Cedarbridge Redevelopment Area from the standpoint of constructing roads, drainage and utility infrastructure, and providing a framework for future lot division, (i) its purpose has long-been served, as all critical infrastructure has been installed; (ii) the broader redevelopment of the Cedarbridge Redevelopment Area has been governed solely by the Redevelopment Plan for the past 15-years; and (iii) any continued reliance on the GDP is outdated and would be inconsistent with the goals of the Redevelopment Plan given changes in market conditions;
WHEREAS, pursuant to the express terms of Section 10.5 of the Option Agreement, the Township
reiterates that, in order to continue to incentive investment in and the overall success of the Cedarbridge Redevelopment Area, the Township will continue to permit applications to make payments-in-lieu-of-taxes (PILOTs) for a period of thirty-five (35) years, for lots within the Cedarbridge Redevelopment Area;
WHEREAS, the Township hereby determines that it is necessary and appropriate to further amend
the Redevelopment Plan consistent with this Ordinance in order to better effectuate the redevelopment objectives of the Township; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-7, the Township will refer the proposed amendments to
the Redevelopment Plan contained in this Ordinance to the Planning Board for its review and recommendation.
NOW, THEREFORE, BE IT ORDAINED, by the Township Committee of the Township of
Lakewood, County of Ocean, State of New Jersey, as follows:

SECTION 1. Article IV.A of the June 1, 2000 amendment to the Redevelopment Plan is hereby amended by deleting the full paragraph at the top of Page 5 thereof in its entirety.

SECTION 2. Article VIII.B of the June 1, 2000 amendment to the Redevelopment Plan is hereby deleted in its entirety and replaced with the following:
VIII. TIME LIMITS
B. Expiration of Redevelopment Plan
The provisions and regulations specified in this Plan shall continue in effect until May
31, 2040.
SECTION 3. The Township acknowledges that the June 18, 2002 General Development Plan approval for the Cedarbridge Redevelopment Area has served its purpose in terms of providing the initial conceptual blueprint for the Cedarbridge Redevelopment Area from the standpoint of constructing roads, drainage and utility infrastructure, and providing a framework for future lot division. Accordingly, now that such roads and infrastructure have been constructed and the broader redevelopment of the Cedarbridge Redevelopment Area is well along, the General Development Plan will no longer govern or limit in any way the development of the remainder of the Cedarbridge Redevelopment Area in accordance with the Redevelopment Plan.

SECTION 4. The Township Clerk shall publish, this ordinance, after being introduced and having passed a first reading, at least once not less than ten (10) days instead of one (1) week prior to the time fixed for further consideration for final passage, pursuant to N.J.S.A. 40:49-6.

SECTION 5. The Township Clerk shall, at least one (1) week prior to the time fixed for final passage of such ordinance, mail a copy thereof, together with a notice of the introduction thereof, and the time and place when and where the ordinance will be further considered for final passage, to every person whose lands may be affected by the ordinance or any assessment which may be made in pursuance thereof, pursuant to N.J.S.A. 40:49-6.
SECTION 6. All ordinances or parts of ordinances inconsistent herewith are hereby repealed to the extent of such inconsistency.
SECTION 7. If any section, subsection, paragraph, sentence or any part of this ordinance is adjudged
unconstitutional or invalid, such judgment shall not affect, impair or invalidate the remainder of this ordinance not directly involved in the controversy in which such judgment shall have been rendered.
SECTION 8. This Ordinance shall take effect upon final passage and publication in accordance with law. accordance with law.
CERTIFICATION
I, Lauren Kirkman, Township Clerk of the Township of Lakewood, do hereby certify that the above is a true copy of a Resolution duly adopted by the Township Committee of the Township of Lakewood in the County of Ocean, at its meeting held on June 11, 2020.
Lauren Kirkman RMC, CMR
Township Clerk