Commissioners last week approved a fourth amendment to the redevelopment agreement for the 116-unit project (Resolution 12-14). Redevelopment Agency attorney Frank Regan said the additional $100,000 will be payable over five years, and is the result of the agency’s assistance with the project, including development of the PILOT and other issues.
Developers of Metro Rahway are scheduled to pay $145,000 once the first Temporary Certificate of Occupancy (TCO) is issued, which could be by August or September.
Another three redevelopment agreements could be presented to the Redevelopment Agency for approval at its March meeting: the Fulton Street project, the Slokker property at Lot B, and the artist housing development in the former Elizabethtown Gas Building.
The Redevelopment Agency anticipates revenues of about $720,000 in redevelopment fees from various redevelopment agreements this year, according to Regan.
The 108-unit Meridia Water’s Edge will owe the agency $500,000, payable upon the first final Certificate of Occupancy (CO) and no later than six months after the first temporary CO is issued.
The 115-unit Lafayette Village, which is expected to file building permits in the coming weeks, would be due to pay $75,000 in fees within six months after the first permit is issued.