LEGAL NOTICE TOWNSHIP OF PARSIPPANY-TROY HILLS MUNICIPAL ORDINANCES NOTICE OF INTRODUCTION NOTICE IS HEREBY GIVEN, that the following Ordinance was submitted in writing at a Meeting of the Township Council of the Township of Parsippany-Troy Hills, in the County of Morris and State of New Jersey, held on December 2, 2025 introduced and passed on first reading and the governing body will further consider the same for second reading and final passage thereof at a Meeting to be held on December 16, 2025 at 7:00 p.m., prevailing time, or as soon thereafter as the matter may be reached, at the Municipal Building in said Township at which time and place a Public Hearing will be held thereon by the governing body, and all persons and citizens in interest shall have an opportunity to be heard concerning same. A copy of this ordinance has been posted on the Bulletin Board in the Municipal Building. During the week prior to and up to and including the date of such meeting, copies of said Ordinance will be made available at the Clerk's Office in said Municipal Building to the members of the general public who shall request the same. KHALED MADIN Township Clerk TOWNSHIP OF PARSIPPANY-TROY HILLS MORRIS COUNTY, NJ ORDINANCE NO. 2025:31 ORDINANCE OF THE TOWNSHIP OF PARSIPPANY-TROY HILLS IN THE COUNTY OF MORRIS AUTHORIZING THE EXECUTION OF A FINANCIAL AGREEMENT WITH PARQ URBAN RENEWAL, LLC, GRANTING A TAX EXEMPTION WITH RESPECT TO THAT CERTAIN PROPERTY IDENTIFIED AS BLOCK 392, LOT 1.01, 1.03, AND 1.04 IN ACCORDANCE WITH THE LONG-TERM TAX EXEMPTION LAW, N.J.S.A. 40A:20-1 ET SEQ. WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq., as amended and supplemented (the "Redevelopment Law"), authorizes municipalities to determine whether certain parcels of land in the municipality constitute areas in need of rehabilitation or redevelopment; and WHEREAS, the entity is a New Jersey limited liability company and urban renewal entity having its principal office at 900 Lanidex Plaza, Suite 113, Parsippany, New Jersey 07054 (the "Entity"), and is also designated Redeveloper of a designated redevelopment area within the Township of Parsippany-Troy Hills (the "Township") located at Block 392, Lots 1.01, 1.02, 1.03, 1.04 and 1.05 (the "Project Premises") as shown on the Official Tax Map of the Township of Parsippany-Troy Hills, also known as 100-900 Lanidex Plaza (the "Redevelopment Area"); and WHEREAS, on August 19, 2019, the Planning Board adopted a resolution recommending that the Township Council designate the Redevelopment Area as a non-condemnation redevelopment area, which was formerly designated as Block 392, Lots 1 and 2; and WHEREAS, as part of an affordable housing settlement agreement between the Township and the Fair Share Housing Center (FSHC), on April 20, 2019 the Township Council adopted Ordinance 2019:55, which amended Chapter 430 (Zoning) of the Township Code to establish a new OVL-3 overlay zone in the Study Area to encourage inclusionary mixed-use multifamily residential development while providing the option of developing the Study Area in accordance with the underlying ROL District; and WHEREAS, on July 22, 2019: the Township Planning Board conducted a duly noticed public hearing on the planning consultant's preliminary investigation report and determined that the Study Area findings satisfied at least three of the statutory criteria necessary for designation as a non-condemnation redevelopment area; and WHEREAS, on September 17, 2019, the Township Council adopted Resolution R2019-182 designating the Redevelopment Area as a non-condemnation area in need of redevelopment; and WHEREAS, on October 5, 2020, the Township Planning Board granted preliminary and final major site plan and major subdivision approval for the Study Area, which approval resulted in the subdivision of the Study Area into five lots: Block 392, Lots 1.01, 1.02, 1.03, 1.04, and 1.05 (collectively, the "Redevelopment Area"); and WHEREAS, on or about August 5, 2025, the Township Council authorized the planning consultant to prepare a redevelopment plan for the Redevelopment Area for review and consideration by the Township Council in accordance with the LRHL; and WHEREAS, at the direction of the Township Council, the planning consultant prepared a redevelopment plan entitled "Redevelopment Plan for Block 392 Lots 1.01, 1.02, 1.03, 1.04, and 1.05, Township of Parsippany-Troy Hills, Morris County, New Jersey" dated August 15, 2025 (the "Redevelopment Plan"); and WHEREAS, on October 7, 2025 the Planning Board conducting a consistency hearing on said plan provided notice to the Governing Body of its conclusions of consistency with respect to the same. WHEREAS, on October 7, 2025, the Township adopted the Redevelopment Plan via Ordinance 2025:18 (the "Redevelopment Plan"); and WHEREAS, Block 392, Lot 1.02is currently redeveloped with a multi-family residential building consisting of 275 units and approximately 2,465 SF of retail/commercial space which was completed in 2024 and is currently occupied and is not part of the Financial Agreement; and WHEREAS, adjacent Block 392, Lot 1.05 (the "Subject Property"), which is in the Redevelopment Area and subject to the Redevelopment Plan provides for 75 townhouse units which are partially constructed and occupied, a central clubhouse and associated amenities and is not included in this Financial Agreement; and WHEREAS, on October 7, 2025, the Township Council adopted Resolution R2025-170 designating PARQ Urban Renewal, LLC (the "Redeveloper") as the exclusive redeveloper of the Redevelopment Area in accordance with the Redevelopment Law and authorizing the execution of a Redevelopment Agreement; and WHEREAS, the Entity has been formed with the intention that the Entity redevelop the remainder of the Project Premises which shall generally consist of the development and construction of a mixed-use project consisting of multi-family residential and retail and commercial development intended to be constructed in later phases or subphases (the "Project"); and WHEREAS, the Entity filed an Application for a Long Term Tax Exemption with the Township in accordance with N.J.S.A. 40A:20-8, and is seeking approval of this Financial Agreement and providing for exemption from municipal taxation for the Project and for payment in lieu of taxes as an Annual Service Charge; and WHEREAS, after review of the Application the Township wishes to approve the Application and to authorize the execution of the proposed form of financial agreement for the project (the "Financial Agreement") in substantially the form of agreement attached hereto as Exhibit A, and by this reference incorporated herein as may be modified in consultation with counsel as set forth herein; and WHEREAS, in approving the Financial Agreement, the Council hereby finds that the development and construction of the Project as set forth in the Redevelopment Agreement and Redevelopment Plan will be beneficial to the overall community and help revitalize the Redevelopment Area as well as satisfy a significant portion of the affordable housing needs identified in the third and forth rounds of affordable housing madates; and WHEREAS, the Council hereby further finds that the Project will result in substantial benefit to the community by alleviating existing blight conditions of the Redevelopment Area; and WHEREAS, the Council hereby also finds that The Project will result in substantial benefit to the community by alleviating existing blight conditions of the Redevelopment Area; and WHEREAS, the Council hereby further finds that the Financial Agreement is to the direct benefit of the health, welfare and financial well-being of the Township and its residents and that relevant benefits of the Project outweigh any costs to the Township resulting from the long term tax abatement granted herein; and WHEREAS, the Annual Service Charge as provided for under the Financial Agreement offers relative stability and predictability to both the owner and the Township; and WHEREAS, the Council hereby determines that the assistance provided to the Project pursuant to the Financial Agreement will be a significant inducement for the Redeveloper to proceed with the Project and, that based on the Application, the Project would not be feasible without such assistance; and NOW, THEREFORE, BE IT ORDAINED by the Township Council of the Township of Parsippany-Troy Hills, in the County of Morris, New Jersey, as follows: I. GENERAL The aforementioned recitals are incorporated herein as though fully set forth at length. II. APPLICATION FOR EXEMPTION APPROVED The Application, which is on file with the Township Clerk and which has been recommended for approval to the Council by the Mayor, is hereby accepted and approved pursuant to N.J.S.A. 40A:20-8(f). III. EXECUTION OF FINANCIAL AGREEMENT AUTHORIZED (a) The Mayor is hereby authorized to execute the Financial Agreement, applicable to the Project, substantially in the form as it has been presented to the Council and attached hereto as Exhibit A, subject to modification or revision deemed necessary and appropriate by the Township Administrator in consultation with the Township Attorney. (b) The Township Clerk is hereby authorized and directed, upon the execution of the Financial Agreement in accordance with the terms of Section III(a) hereof, to attest to the signature of the Mayor upon such document and is hereby further authorized and directed to affix the corporate seal of the Township upon such document. (c) In accordance with the Exemption Law, within ten (10) calendar days following the later of the effective date of this Ordinance or the execution of the Financial Agreement by the Redeveloper, the Township Clerk shall transmit a certified copy of this Ordinance and the Financial Agreement to the Township Tax Assessor and the Director of the Division of Local Government Services. The Clerk shall also transmit a copy of this Ordinance and the Financial Agreement to the Chief Financial Officer of Morris County and to the Morris County Counsel for informational purposes. (d) The Mayor and/or Township Administrator, in consultation with the Township Attorney, are hereby authorized to execute and/or amend, modify or make any necessary further amendments to the Financial Agreement and any other agreements or documents necessary to effectuate the intent and purposes of this Ordinance in accordance with the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. IV. SEVERABILITY If any part of this Ordinance shall be deemed invalid, such parts shall be severed and the invalidity thereby shall not affect the remaining parts of this Ordinance. V. AVAILABILITY OF THE ORDINANCE A copy of this Ordinance shall be available for public inspection at the offices of the Township. VI. EFFECTIVE DATE This Ordinance shall take effect according to law. December 5 2025 LNYS0418261 $163.68