Ridgewood advances bond ordinance to secure option for Warner Theatre purchase

Ridgewood’s Village Council on Sept. 24 adopted on first reading a bond ordinance (No. 4060) to authorize up to $2,600,000 toward the possible acquisition of the Warner Theatre and set a public hearing for Oct. 8, 2025.

Bond counsel Matt Jessop said the Ridgewood Arts Foundation needs site control to apply for New Jersey Economic Development Authority (NJ EDA) tax credits, but it cannot safely buy the property without assurance it will receive or be able to monetize those credits. "To apply for tax credits, we need site control, but we don't want to pay for site control until we have tax credits, so the village has stepped up to play a critical role," Jessop said.

Under the documents presented, the village would pay the seller $250,000 for a one‑year option to close on the property; that $250,000 is nonrefundable and does not reduce the $2,500,000 purchase price if the option is exercised. Jessop said the ordinance also approves a purchase and sale agreement held in escrow; if the option is triggered, the…