Morristown council introduces 12-year tax-exemption plan for Lackawanna Place redevelopment

Morristown — The Town Council on May 13 voted to introduce an ordinance (O-20-2025) that would authorize a 12-year long‑term tax exemption and financial agreement with Lackawanna Place Morristown Urban Renewal LLC to build an 89-unit, transit‑oriented rental project behind the train station.

The measure was introduced by the mayor and approved unanimously by council members present. Town financial advisers and redevelopment counsel told the council the short, 12‑year agreement is intended to make the project financeable while returning substantial revenue to the town during the exemption period.

In a presentation to the council, Bob Powell of Nassau Capital Advisors said the project would include 89 rental apartments (about 76 market‑rate studios, one‑ and two‑bedrooms and 13 income‑restricted units at roughly 50% of Morris County area median income). He described the proposed financial agreement as a payments‑in‑lieu‑of‑taxes (PILOT) contract under the state long‑term…