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Council introduces ordinance to amend Bayview Court tax-exemption agreement; financing details presented
Summary
City solicitor outlined a first reading ordinance to amend a long-term tax exemption and financing agreement for Bayview Court; council introduced the ordinance and solicitor said financing must close by the end of the month.
The Somers Point City Council held a first reading of Ordinance 6 of 2025, which would approve a second amendment to a long-term tax exemption and capital-contribution agreement between Bayview Court Urban Renewal LLC and the city.
City Solicitor Smith briefed the council on the ordinance, saying it addresses a request to amend the redevelopment plan and the redevelopment agreement to allow financing for a parking lot and repair work at the Bayview Court complex. Smith said the ordinance and amended agreement reference financing for two principal cost…
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