NEW BRUNSWICK, NJ — Whether a developer looking to build a nine-story, mixed-use building on Easton Avenue will receive a long-term tax exemption—and what the deal might look like—is up in the air.
For the second time, at its Sept. 6 meeting, the New Brunswick City Council voted to table the ordinance that would enshrine a tax agreement for a subsidiary of the Missouri-based Collegiate Development Group. Instead, the council pushed it back to its 6:30 p.m. Sept. 20 meeting in City Hall.
City Attorney T.K. Shamy said the council was “still waiting on some additional information” regarding the proposal.
The council was first set to vote on the proposal in mid-August.
At that time, city spokesperson Jennifer Bradshaw told TAPinto New Brunswick that the Collegiate Development Group subsidiary would pay $1.1 million annually, over 30 years, under the terms of the agreement. In exchange, she said, the firm wouldn't need to pay property taxes.
It's unclear whether or how that agreement has since changed.
The property, 78 Easton Ave., currently houses a three-story medical building. It generates $74,727 in property taxes each year, according to the city.
In June, Collegiate Development Group got the go-ahead to build a 181-unit apartment building with 9,000 square feet of street-level retail. The company hopes to market the 115-foot-tall structure to Rutgers University students, though anyone could rent there.
The tabled tax-exemption ordinance claims that such an agreement is “essential to the project.”