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Redevelopment agency OKs redevelopment agreement, recommends 5.5% PILOT for 65-unit senior housing at 519 Ringwood Avenue
Summary
The Pompton Lakes Redevelopment Agency authorized a redevelopment agreement with the Passaic County Affordable Housing Corporation and recommended a 30-year financial agreement with a 5.5% annual service charge for a proposed 65-unit senior housing complex at 519 Ringwood Avenue.
The Pompton Lakes Redevelopment Agency voted to authorize a redevelopment agreement with the Passaic County Affordable Housing Corporation and to recommend a financial agreement to the borough that would impose a 5.5% annual service charge over 30 years for a proposed senior housing development at 519 Ringwood Avenue.
Janice DeJohn, identified in the meeting as executive director of the Passaic County Affordable Housing Corporation, and architect Steve Coppa presented the proposal and drawings. "There are going to be 85 parking spaces," DeJohn said during her overview, noting that 80 parking spaces would be required for the…
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