RESOLUTION #379-16 A RESOLUTION OF THE TOWNSHIP OF GALLOWAY APPROVING AND AUTHORIZING AN AGREEMENT WITH STOCKTON UNIVERSITY. WHEREAS, in 2010 Stockton University acquired the Seaview County Club complex to expand and develop its hospitality and restaurant management program; and WHEREAS, from 2011 to the present Galloway Township has exempted the property from real estate taxation; and WHEREAS, the Stockton University main campus and all of the other properties that Stockton University owns in Galloway Township have also been exempted by Galloway from real estate ‘taxation; and WHEREAS, Stockton University recognizes that it uses municipal resources and services; and WHEREAS, Stockton University proposes to make @ voluntary financial contribution to Galloway Township in accordance with the provisions set forth in the proposed Agreement; and WHEREAS, the Galloway Township Council accepts the terms and conditions of the proposed Agreement as in the best interest of Galloway Township; and WHEREAS, the Galloway Township Tax Assessor and Tax Collector have been consulted With respect to this proposed Agreement and have concurred that its approval by the Galloway ‘Township Council is in the best interest of the Township. NOW, THEREFORE, BE IT RESOLVED, by the Municipal Council for the Township of Galloway, County of Atlantic, State of New Jersey that: 1. The proposed Agreement attached hereto as “Exhibit A” is hereby approved. 2, The execution of the Agreement is hereby authorized substantially in the form attached hereto as “Exhibit A.” 3. The Deputy Mayor and the Township Clerk are duly authorized to execute such Agreement and the Deputy Mayor, Township Clerk, Township Manager and Township Attomey are duly authorized to take such further action and to execute such further documents as may be necessary or appropriate to implement the Agreement. 4. This Resolution shall take effect immediately.RESOLUTION #379-16 A RESOLUTION OF THE TOWNSHIP OF GALLOWAY APPROVING AND AUTHORIZING AN AGREEMENT WITH STOCKTON UNIVERSITY Cestified to be a true copy of a Resolution adopted by the Township Council of the Township of Galloway, County of Atlantic and State of New Jersey, on the 13th day of December, 2016. TOWNSHIP OF GALLOWAY tecorded | MOTIONS | AYE | NAY | ABSTAIN | ABSENT ‘ote: Pte at 1 kool x Kil Dowwbieme ee argione z Ba Kelli Danieli, RMC isan o x {-T Township Clerk leadows 7 [x IAGREEMENT THIS AGREEMENT MADE THIS 13th Day OF DECEMBER, 2016, BY AND BETWEEN AND AMONGST STOCKTON UNIVERSITY, AND THE TOWNSHIP OF GALLOWAY, IN ATLANTIC COUNTY, NEW JERSEY, THE ‘TAX ASSESSOR AND TAX COLLECTOR OF GALLOWAY TOWNSHIP; WHEREAS, in 2010 Stockton University (‘Stockton’) acquired by deed and assignment of lease the Seaview Country.Club complex, inchusive of the adjoining Pines Course subject to a long-term lease with Stockton (collectively and in the aggregate referred to as “Seaview’) in the Township of Galloway ("Galloway"), consisting of Block 1064.01, Lots 6.01, 6.06, 6.07 and 6.10, Block 1168, Lot 12, Block 1139, Lot 6, and Block 1063, lots 2, 4 and 5 to expand and. develop its hospitality and restaurant management programs; and 3 WHEREAS, Stockton filed an “Initial Statement of Organization Claiming Property Exemption” and, annually thereafter, filed a “Further Statement of Organization Claiming Property Exemption? relative to the aforesaid properties wherein it has been asserted that the use of the Seaview is a beneficial public purpose under State law which ownership ‘and use renders the property exempt from local real estate taxation; and WHEREAS, from 2011 to the present Galloway, in recognition of the beneficial public purpose Stockton’s use of Seaview has created, has exempted Seaview from real estate taxation; andWHEREAS, the Stockton main campus and all of the other Properties that Stockton owns in Galloway have also been, consistent with applicable laws, exempted by Galloway from real estate taxation; and WHEREAS, Stockton recognizes that as a member of the Galloway community it, from time to time, utilizes municipal resources and services; and WHEREAS, Stockton also recognizes that should the Assessor of Galloway (“Assessor”) determine that the Seaview is tax exempt, the Placement of such tax exempt status on the books would have an economic impact on Galloway; and WHEREAS, Stockton, wishes to minimize any such economic impact on Galloway should the Seaview be determined by the Assessor as tax exempt, and further wishes to recognize the economic impact that its ownership and use of other properties within Galloway has had upon Galloway, hereby proposes to make a voluntary contribution to Galloway in accordance with the provisions set forth herein; NOW THEREFORE, IN CONSIDERATION OF THE MUTUAL PROMISES AND COVENANTS CONTAINED HEREIN, THE PARTIES, INTENDING TO BE LEGALLY BOUND HEREBY AGREE AS FOLLOWS: 1. The recitals above are incorporated herein as if fully set forth; 2. Provided that Stockton is an owner of Seaview and that Galloway continues to make available the current municipal resources and 2=) services provided by it to Stockton, for a period of fifteen years, commencing January 1, 2017, Stockton shall make an annual contribution to Galloway of three hundred and ten thousand dollars ($310,000.00) for the years 2017 through 2021, three hundred and twenty thousand dollars ($320,000.00) for the years 2022 through 2026, and three hundred and thirty thousand dollars ($330,000.00) for the years 2027 through 2031. Each annual payment shall be made by March 1 of each year; If, for any reason, Seaview or any portion of Seaview is determined not be exempt from real estate taxation during the term of this Agreement any payments made by Stockton pursuant to this Agreement shall be credited against whatever the real estate tax obligation is determined to be for Seaview; During the term of this Agreement, Galloway shall not challenge, alter or change the tax exemption status of any property currently owned or controlled by Stockton in Galloway Township, regardless of Stockton’s future ownership interest in Seaview. Nothing herein shall be construed as an admission by Stockton that its property holdings, including but not limited to Seaview, are subject to property taxation, it being recognized that any Stockton facilities utilized for higher education purposes are exempt from real estate taxation. In the event Seaview is sold, transferred or conveyed during the term of this Agreement, then the township will reimburse to 3Stockton any annual contribution or payment made, pro rated as of the closing date. Upon such closing the Agreement shall be terminated. 6. Galloway and Stockton will reevaluate this Agreement prior to it expiration and shall discuss the appropriate contribution to be made in future years based upon the nature of the activities being conducted at Seaview, Stockton’s financial situation at the time, and the municipal resources used by Stockton, as well as the services provided by Galloway. IN WITNESS WHEREOF, THE PARTIES HAVE EXECUTED THIS THREE PAGE AGREEMENT THE DAY AND YEAR FIRST ABOVE APPEARING. WITNESS: STOCKTON UNIVERSITY By: APNES\ “ Lib i Daayl aa 5 Township Clerk Name: Vice President of Administration and Finance ‘beam rer ti -saneae 235 ater ented 2 4610 doeStockton any annual contribution or payment made, pro rated as of the closing date. Upon such closing the Agreement shall be terminated, 6. Galloway and Stockton will reevaluate this Agreement prior to it expiration and shall discuss the appropriate contribution to be made in future years based upon the nature of the activities being conducted at Seaview, Stockton’s financial situation at the time, and the municipal resources used by Stockton, as well as the services provided by Galloway. IN WITNESS WHEREOF, THE PARTIES HAVE EXECUTED THIS ‘THREE PAGE AGREEMENT THE DAY AND YEAR FIRST ABOVE APPEARING. Si STOCKTON UNIVERSITY ee Kate 2 Vice President of Administration and Finance WITNESS; GALLOWAY TOWNSHIP ‘denis tnt 4 ae Are-tb A