A development firm that is planning to redevelop properties in Passaic that were used by a railroad company in decades past might receive a tax exemption lasting decades into the future.
The Passaic City Council is expected to vote on an ordinance during a meeting today, Tuesday, August 3, that would grant Passaic Street Properties Urban Renewal, LLC a lengthy tax exemption and allow for Passaic’s municipal government to move forward with a financial agreement with the LLC.
As Jersey Digs reported in August 2020, this project has been referred to as “The Station at Passaic.” It is expected to bring four five-story buildings with a total of 208 residential units to the old New York and Greenwood Lake Railroad yard at 99-111 Passaic Street. Not far away near Wall Street, another building is expected to consist of 36 units at the site of an old rail spur.
The parcels are roughly a half-mile walk from New Jersey Transit’s train station in Garfield.
The proposed ordinance, which was introduced on July 20, says that this property tax exemption with annual services charges in lieu of taxes is being sought “in order to enhance the economic viability of and opportunity for a successful project.”
The exemption would reportedly last up to 30 years from the project receiving its certificate of occupancy or up to 35 years from the date that the proposed financial agreement with the developer is executed.
The Passaic City Council’s August 3 meeting is scheduled to begin at 7:00 p.m.
Note to readers: The dates that matters are scheduled to be discussed by the Passaic City Council and other governing bodies are subject to change.