[Ord. No. 2016-10]
The Multi Family Inclusionary Zone District shall be applied to Block 105, Lots 28, 39, 40, and 41, as shown on the Official Tax Map of the Borough. The Official Zoning Map of the Borough of Point Pleasant is hereby amended in accordance with the foregoing and is incorporated by reference. The Multi Family Inclusionary Zone District shall be permitted to be developed with an inclusionary residential development with a mandatory minimum affordable set-aside of twenty (20%) percent. Any development shall include two (2) low-income and one (1) moderate- income affordable units. Any fractional obligation incurred will not have to be satisfied through a payment to the Borough's Affordable Housing Trust Fund, since the Multi Family Inclusionary Zone District contemplates the production of two (2) low-income units. For the purpose of permitting the development of an inclusionary development the provisions and requirements of the Multi Family Inclusionary Zone District shall supersede the provisions and restrictions of the underlying Residential and Office (R-3) Zone District. In the event of a conflict between the provisions of this section and other sections of the Borough development regulations with respect to the development of affordable housing, the provisions of the MFIZ-I District shall govern.