Greate Bay Offers Settlement
November 17, 2006 GREATE BAY AGREES TO COMPLIANCE PLAN AND TO TERMINATE LAWSUIT AGAINST THE CITY OF SOMERS POINT Determined to put an end to the swirling controversy surrounding the city of Somers Point, the owners of Greate Bay Country Club today unilaterally agreed to accept the terms of the City's compliance plan and withdraw its lawsuit against the city and the Somers Point Planning Board effective immediately. Greate Bay's decision is a good-faith effort to help achieve an amicable and cost-effective resolution of the litigation by simply accepting the City's terms and terminating its current affordable housing lawsuit pending in New Jersey Superior Court. The City prepared and submitted its compliance plan, including the Greate Bay project, in response to a court order in the controversial affordable housing litigation known as Bay Avenue Redevelopers v. City of Somers Point. "Enough is enough for us and for the taxpayers of Somers Point," said Gary Massey, who explained that Greate Bay has signed a Settlement Agreement formalizing its decision and submitted it to the City today. "We have concluded that it is time to close this chapter in our city's history, and while the compliance plan does not provide all that we sought with respect to our project, we are prepared to accept the City's terms in the hope of resolving our differences once and for all." "This will have the effect of settling our portion of the litigation effective immediately, while still protecting the future of the golf course and creating tough new enforceable deed restrictions to preserve the course forever," said Massey. The Settlement Agreement provides that Greate Bay will reduce the density of its development from 625 to 375 residential units on a portion of the site, which will in turn provide the revenue necessary to complete renovations and upgrades to the historic Greate Bay golf course and clubhouse facilities. In addition, the agreement provides that Greate Bay will agree to tough new enforceable deed restrictions that preserve the site as a golf course forever; that all development will be within the City's 45-foot height requirement; and that Greate Bay will meet its affordable housing obligations as decribed in the compliance plan or in other forms or means that the city council may see fit including For Sale units, Age-Restricted units or a Regional Contribution Agreement (RCA) if that is what the city determines. "We believe that it is time for all parties to resolve our differences and reach a compromise that permits responsible development in Somers Point providing much needed tax relief, satisfies the city's affordable housing obligation in the most beneficial way, preserves the future of the golf course, and puts an end to the City's growing litigation costs," said Massey. "We are prepared to move forward, and expect that the City will join us in this effort."

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