NEW BRUNSWICK, NJ — It remains unclear whether the developer of a nine-story, mixed-use building at the corner of Easton Avenue and Hamilton Street will land a long-term tax exemption, in exchange for an annual payment to the city.
The New Brunswick City Council was scheduled to hold a public hearing on the matter last night, Aug. 16, in City Hall. Afterward, the panel was supposed to vote on an ordinance to ink the deal.
But instead, officials tabled the move to the 6:30 p.m. Sept. 6 meeting. They may vote on the ordinance then.
“It's my understanding that the council wants a little more time to consider this ordinance,” New Brunswick's city attorney, T.K. Shamy, told the crowd.
He didn't say what or who caused the delay.
Under the proposal, the developer, a subsidiary of the Missouri-based Collegiate Development Group, would pay $1.1 million annually, over 30 years, to New Brunswick, city spokesperson Jennifer Bradshaw told TAPinto New Brunswick. In return, the firm wouldn't need to pay property taxes.
The property—78 Easton Ave., which currently houses a three-story medical building—generates $74,727 at this time, she said. But that number would likely climb due to the project and the effects of time on property values.
In June, Collegiate Development Group received the green light to build a 181-unit apartment building with 9,000 square feet of ground-floor retail.
According to the ordinance, the tax exemption is “essential to the project,” and the development “would not be feasible” without it.
The developer plans to market the 115-foot-tall structure to Rutgers University students. But anyone would be allowed to rent there.