A tax break could be in store for a 10-story mixed-use development project near a local Hudson-Bergen Light Rail station.
The proposed 97-unit building, which would be constructed at 4901 Bergenline Avenue opposite the Bergenline Avenue station, is expected to receive a five-year tax exemption from West New York’s municipal government. An ordinance granting the exemption was passed on first reading by the West New York Board of Commissioners last month.
As part of the deal, developer and property owner Bergenline Cap 4901, LLC would still be required to pay regular land taxes to the Town of West New York. However, instead of the $740,000 in taxes on improvements that would have also been assessed each year once the 10-story building was completed, the company would instead pay a smaller amount directly to the municipal government for four of the five years of the tax exemption.
The ordinance shows that in the first full year after much of the building is finished, there would be no taxes on improvements at all and that a total of $28,000 would be charged for land taxes. The following year, the developer would also be expected to pay $171,766.14 for improvements. This would increase to $314,508.17 during the subsequent year, then $457,385.68 during the year after that, and finally $600,263.20 before the tax exemption expires.
The Board of Commissioners is expected to vote on whether to grant final approval to the ordinance during a meeting this Wednesday, August 7, at 12:30 p.m.
Jersey Digs broke the news regarding this $49 million development in February. Known as Bergenline Station Apartments, the building would be the tallest in the immediate vicinity and replace a one-story commercial building near the Union City border. This EB-5 project by Secaucus-based National Realty Investment Advisors (NRIA) is expected to consist of 54 two-bedroom units, 43 one-bedroom units, 54 underground parking spaces, a lounge, a fitness center, and four retail spaces.
A flyer issued last year by NRIA mentioned that there were “continued conversations with Starbucks” for one of those retail spaces while there were reportedly letters of intent at the time from PSE&G and T-Mobile.
Note to readers: The dates that matters are expected to be discussed by the West New York Board of Commissioners and other governing bodies are subject to change.