At its Nov. 12 session the Bayonne council heard a detailed feasibility memo for a proposed 9‑story, 110‑unit project at 562–568 Broadway and approved a financial agreement (pilot) to enable the project as presented.

Dan Banker of NW Financial reviewed assumptions in a memo dated Oct. 7, 2025. He summarized the proposed project as a nine‑story building with 110 residential units (11 studios, 66 one‑bedrooms and 33 two‑bedrooms), 2,896 square feet of retail and 115 parking spaces. Banker said total project cost is roughly $53 million, including a $4.3 million land purchase price (≈ $39,000 per unit). Under conventional taxes the pro forma showed a shortfall; after negotiations the developer accepted a reduced pilot term and phased return to conventional taxes. Banker said the negotiated pilot (25 years with an initial 10% of gross revenue formula and phased increases toward a conventional tax calculation) and the aggressive phasing would make the project financially feasible and that the city’s projected share of pilot revenues over 25 years is approximately $15.6 million (with a projected annual net benefit at stabilization of roughly $350,000). Banker also noted some developer expense assumptions were optimistic and recommended continuing close fiscal oversight.

Council members asked technical questions on rent assumptions, operating expenses and fiscal impact on schools. Staff said the fiscal analysis included estimates of new residents and school costs and concluded the pilot would produce a net fiscal benefit over 25 years.

Separately the council adopted numerous redevelopment designations and consent resolutions that will send additional projects to the planning board. The council also moved to authorize an updated community benefits agreement framework for the 1888 Studios/Togus Urban Renewal project; staff said the draft package includes a community advisory committee, public‑space and walkway improvements and up to $2 million for targeted flood‑mitigation work.

On procurement business the council accepted the purchasing department’s recommendation and awarded the city’s solid‑waste collection contract to Century Way Waste Services (three‑year base with two one‑year options) as the lowest responsive bidder; the first‑three‑year contract value is about $5.99 million. The council recorded aye votes for the award and directed staff to finalize contract documents and required insurance.

What’s next: the 562–568 Broadway pilot and the Redevelopment Authority financing forms will require final contract language and continued review before project financing and building permits are issued. Several redevelopment ordinances and designations will return for planning‑board site‑plan hearings and subsequent council votes on later phases.