City Council will vote next week on an ordinance that will set in motion the creation of a new public street through what today is Lot B as part of the 208-unit Main & Monroe development.
City Council unanimously approved the sale of the Police Assistance Center building to the Parking Authority. The East Cherry Street property eventually will be razed as part of infrastructure improvements and reconfiguration related to a proposed mixed-use development and extension of Monroe Street.
A revised concept plan for several East Cherry Street properties now features 44 units in a new five-story building. The new plan also now includes parking spaces on the ground floor along with a smaller retail space.
A two-building complex that’s expected to physically transform the center of downtown received unanimous preliminary and final site plan approval from the Planning Board earlier this year. Main & Monroe plans to extend Monroe Street, cutting Lot B and creating a new public street downtown.
With construction under way on the 115-unit Meridia Lafayette Village, the next significant downtown project could break ground within the year, possibly before the end of 2015.
A two-building, 196-unit project aims to “create a project that is not just a building but a neighborhood,” enhancing walkability downtown and creating “a sense of there in the middle of Rahway.”
The Redevelopment Agency would receive redevelopment fees of $1,000 per unit for a proposed 194-unit project on Main Street, under an agreement approved earlier this month.
The $194,000 would be paid in four installments: the first 25 percent upon approval of the final site plan. The project is expected to come before the Planning Board later this year. The second quarter would be paid upon the first building permits issued. Another 25 percent would be paid upon issuance of the first certificate of occupancy (CO), and the final quarter would be paid within 12 months of the first CO. Continue reading Redevelopment agreement approved for Donoch II project
UPDATED: City Council unanimously approved ordinance (O-9-14) by an 8-0 vote (with only Councilman At-large James Baker absent) on Monday night. There was no comment from the public or council members.
The Payment In Lieu Of Taxes (PILOT) for a proposed 196-unit project downtown could mean a tax break of as much as 50 percent in the first year alone and some $17 million versus $34 million over the 30-year life of the program, if certain assumptions are made. City Council introduced the PILOT at its March meeting and is scheduled to to vote on the ordinance (O-9-14) at its meeting tonight at 7 p.m., along with the 2014 city budget and the $130,000 Special Improvement District (SID)/Rahway Arts Distrit (RAD) budget.