City Council approved a tax appeal settlement Monday night with Carriage City Properties. Details on the settlement can be found in this earlier post.
Property taxes would be paid whether units are occupied or not, and the developer would be responsible for taxes on any units it owns, said City Administrator/Redevelopment Director Peter Pelissier.
During the Feb. 3 pre-meeting conference of City Council, Third Ward Councilman Jerry Scaturo raised the issue of Carriage City Properties leasing its unsold units. Sky View began marketing a lease-to-buy option, starting at $1,250 a month for one-bedroom units.
Pelissier said it’s not a concern from the standpoint of wanting to see people moving into the community. “It’s better than having…units sitting empty,” he said. If the units are occupied, the $10,000 fee owed to the Redevelopment Agency should be paid, said Pelissier, adding that the agency is seeking is a formal request from the developer to clarify the redevelopment agreement. Originally the developer, Elizabeth-based Silcon Group., was to pay the $10,000 fee upon closing of each unit.
About 57 units have closed at Sky View, according to the Parking Authority records, while the Redevelopment Agency has been paid for 46 units and 78 temporary certificates of occupancy (TCO) have been issued by the city, Pelissier said. It’s unclear how many units are rented, he said. The 16-story complex has more than 200 units in all.
By my count, about 48 units have sold (less than a quarter) at an average of almost $292,000, a high of $444,000 and a low of $216,350 (which happens to be the most recent sale I’m aware of).