MORRISTOWN, NJ – The town will issue bonds worth nearly $9 million to fund a traffic roundabout and other off-site work for the proposed M-Station office and redevelopment project, it was decided Tuesday.
A resolution authorizing the bond sale was approved in a 5-1 vote by the Morristown Mayor and Council. Councilman Robert Iannacone voted against the resolution; Councilwoman Tawanna Cotton did not attend the virtual meeting.
The “non-recourse redevelopment area” bonds, totaling $8.8 million, will be paid-off by the project’s developers who, on Sept. 22, were given 30-year tax break for the M-Station Project. The deal calls for payments in lieu of taxes (PILOT).
M Station is proposed to be a 352,600-square-foot office building and 29,530 square feet of retail space. Financial analyst Robert Powell said the project, to be built in two stages, is expected to eventually increase Morristown’s revenue by about $1 million and bring about 1,400 new jobs to the town.
Read more TAPinto Morristown coverage of the M-Station project: