An approved mixed-use development between the Passaic River and Passaic Avenue in Kearny could receive a tax abatement that would last for decades.
The Town of Kearny is scheduled to hold a public meeting today, November 15, to discuss the proposed agreement involving “The Bridge” at 55 Passaic Avenue.
An application that was submitted to Kearny’s municipal government by Russo Development and 55 Passaic Urban Renewal, LLC says that the upcoming two-building complex, which is now expected to include around 276 “market rate” apartments and 10,000 square feet of retail space, could be completed as early as the fall of 2022.
The project is slated to cost at least $75 million, according to the application. Developers checked “no” to a question in the document asking whether the four-story project “is intended to provide housing to low and/or moderate-income households.”
The proposed tax abatement would reportedly last 25 or 30 years, though payments in lieu of taxes would be accessed by the Town of Kearny.
“Without the requested abatement, the real estate taxes for the project would create a significant financing gap,” the application says in part. “The project is clearly not economically feasible without the requested abatement and only marginally feasible with the abatement using accepted economic feasibility standards.”
Today’s meeting is scheduled to begin at 7:00 p.m. at Kearny Town Hall, which is located at 402 Kearny Avenue.
Note to readers: The dates that the Town of Kearny and other municipalities are scheduled to conduct public hearings are subject to change.