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Council advances downtown redevelopment: PILOT introduced and redevelopment agreement authorized for Westfield Avenue project
Summary
The council introduced a pilot agreement and authorized a redevelopment agreement for a proposed four-story mixed-use building on Westfield Avenue; the package aims to add 39 residential units including six deed-restricted affordable units and requires off-site improvements and annual payments.
Clark Township council members moved forward on redevelopment actions tied to downtown Westfield Avenue on May 19, introducing a payment-in-lieu-of-taxes (PILOT) ordinance and authorizing a redevelopment agreement for the project identified as 27-29 Westfield Avenue Urban Renewal LLC.
Business Administrator Jim Ulrich summarized the project terms for the public and council: a four-story mixed-use building with about 3,000 square feet of retail space and 39 residential units (12 one-bedroom, 18 two-bedroom and 9 three-bedroom units), of which six units will be deed-restricted as affordable for 30 years. Ulrich described a graduated PILOT schedule and an administrative fee. "The fee is going to be 12.5% of annual gross revenue, not net revenue," Ulrich…
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