>Village Council members this evening unanimously approved Ordinance #3085, which designates a portion of the North Walnut Street area as “In Need of Redevelopment.” The Council envisions that a 350 space parking garage, with ground floor retail units, could be constructed within the affected zone. Bid specifications for the proposed mixed use facility, intended to generate interest among commercial real estate developers, are expected to be advertised shortly.
Under the NJ State redevelopment statute, Village officials are allowed to cordon off a portion of taxes from properties within the “In Need of Redevelopment” district, and use them solely for municipal purposes. This can be accomplished legally by establishing a “Payment In Lieu of Taxes” plan, which would be linked to the value of land improvements made by the developer. Only 5% of the collected “Payment In Lieu of Taxes” would be payable to the County of Bergen, none to the Ridgewood Public School system. However, portions of property taxes collected on the land value itself would still be distributed appropriately to the School District and to the County.
So for those of you who thought the possible need to use eminent domain was the only reason Village Council members were establishing a redevelopment zone think again. More money for their pet projects, less revenue directed to School District and County bank accounts. Slick move Dave, slick move.
>No one has commented on this post yet and it may be one of the most important issues for Ridgewood in a long time. With the passage of this ordinance, the public is pushed further and further out of the loop. The Planning Board and the Village Coucil can make all decisions regarding the developement of our “blighted area” which they call an area for redevelopement.