Construction has officially started at Metro Rahway, the 116-unit rental complex near the train station, and is expected to be ready for leasing in “late spring 2014,” according to this report. The four-story, $18-million project on Campbell Street between Elm Avenue and West Cherry Street will replace the A&M Industrial Supply building, which was demolished in June. A&M Supply was still in litigation with the Redevelopment Agency over relocation compensation and appeared headed for mediation last month.
Tag Archives: PILOT
Proposal for Lot B grows to 196 units
Developers are expected to return to the Redevelopment Agency later this year to present an updated vision for two downtown buildings proposed for Lot B on Main Street.
City Council approves PILOT for Metro Rahway
Lost amid the news of Mayor Rick Proctor’s resignation last week was the fact that the City Council approved a 15-year Payment In Lieu Of Taxes (PILOT) and financial agreement for the Metro Rahway project.
Continue reading City Council approves PILOT for Metro Rahway
Metro Rahway: $72k v. $265k v. $430k
The 15-year Payment In Lieu Of Taxes (PILOT) requested by Metro Rahway would be $265,000 annually, according to a revised ordinance (O-35-13) that the City Council is expected to approve tonight. The council will meet for a combined conference agenda/regular meeting at 7 p.m.
PILOT considered for Metro Rahway project
City Council is slated to approve the fourth Payment In Lieu Of Taxes (PILOT) for a new development in the last 18 months. The governing body last month introduced an ordinance for a PILOT for Metro Rahway and will have a public hearing and final vote at its meeting on Monday night.
Closing near on property for artist housing
A deal is nearly done and closing should be completed soon for the Elizabethtown Gas building property that is planned as 60 units of affordable artist housing in the Arts District.
Continue reading Closing near on property for artist housing
Artist housing PILOT approved
The City Council passed a series of measures on Monday night aimed at bringing affordable housing targeted for people in the arts and entertainment industry to the Arts District, including a financial agreement that will provide a Payment In Lieu Of Taxes (PILOT).
Public hearing on PILOT for artist housing
The City Council on Monday night will hold a public hearing and final approval for a financial agreement that includes a Payment In Lieu Of Taxes (PILOT) for the Rahway Residence for the Arts to pay the city at least $33,000 annually. Mayor Rick Proctor also is expected to deliver the State of the City address at the same meeting.