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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 categories: “$1,700,000 associated with costs relative to the construction procurement, construction of the parking lot” and “another $2,300,000 relative to renovations for repair work on the main complex itself.”
Smith told the council that counsel for Bayview Court provided backup documentation for the $1.7 million and $2.3 million figures and that the amendment includes a provision making the annual service charge subordinate to Freddie Mac for five years. He said the financing “is required to be done by the end of this month for various reasons,” and asked that council members review the financial documents before the ordinance’s second reading.
The ordinance was introduced on first reading by voice vote; no roll-call vote tally was provided in the transcript. The solicitor advised the council that Bayview Court’s counsel would supply supporting financial documentation to city staff and council members ahead of a second reading.
Why it matters: the amendment would clear the way for refinancing and capital work at an existing redevelopment project and includes a subordinate service-charge provision tied to Freddie Mac that could affect the project’s payment priorities for five years.
Votes at a glance: the council introduced Ordinance 6 (first reading). Separately during the meeting the council also adopted Ordinance 4 (repeal of a code section) and introduced Ordinance 5 (calendar-year 2025 budget cap/“cap bank”)—those items were handled by separate motions on the agenda and are recorded in the council’s consent and ordinance roll.
The solicitor asked that any council questions be raised with him or Administrator Jason Frost before the ordinance returns for a second reading and final vote.
