A development company that is considering redeveloping properties in Passaic that have been used by a railway company for decades past could be granted tax exemption for decades into the future.
Passaic City Council is expected to vote on an ordinance at a meeting today, Tuesday, August 3, which would grant Passaic Street Properties Urban Renewal, LLC a lengthy tax holiday and allow the Passaic city government to go ahead. before with a financial agreement with the LLC.
As Jersey Digs reported in August 2020, this project has been called “The Station at Passaic”. It is expected to bring four five-story buildings with a total of 208 residential units to the old New York Yard and Greenwood Lake Railroad at 99-111 Passaic Street. Not far from Wall Street, another building is expected to consist of 36 units on the site of a former railroad spur.
Packages are about a half-mile walk from the New Jersey Transit station at Garfield.
The proposed ordinance, which was introduced on July 20, states that this exemption from property tax with annual service fees in lieu of taxes is sought “in order to improve the economic viability and desirability of a successful project. “.
The exemption would last up to 30 years from receipt of the project occupancy certificate or up to 35 years from the date of signing of the proposed financial agreement with the developer.
The August 3 meeting of the Passaic City Council is program to start at 7:00 p.m.
Note to readers: The dates on which issues are to be discussed by Passaic City Council and other governing bodies are subject to change.