The purpose of the R-5B Island Road Multifamily Residential Overlay District is to create a realistic opportunity for the construction of low- and moderate-income housing in a suitable portion of the Borough of Ramsey, and thereby help to address the fair share housing obligation of the Borough of Ramsey under the New Jersey Fair Housing Act ("FHA"), applicable Council on Affordable Housing ("COAH") regulations, the settlement agreement entered into between the Borough and Fair Share Housing Center ("FSHC") on August 31, 2017, and the Borough's Housing Element and Fair Share Plan. The designation of this property for the R-5B Overlay District reflects this particular site's relationship and orientation to the nearby train station, its proximity to other residentially zoned and developed property, and its sufficient size to accommodate such development in a manner that will complement the area. The R-5B Overlay District encourages the development of low- and moderate-income housing by allowing for inclusionary multifamily residential; however, developers shall also have the option of developing in accordance with the underlying B-3 Zone standards.