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Fanwood council adopts Korano Square financial agreement, citing redevelopment and tax revenue gains
Summary
The Fanwood Borough Council adopted a payment-in-lieu-of-taxes financial agreement for the Korano Square redevelopment, approving staged revenue percentages and citing an estimated $52 million investment and affordable housing components. Council recorded the ordinance's adoption at second reading.
Council adopted a financial agreement for the Korano Square redevelopment at its Nov. 21 meeting, approving a pilot-style payment-in-lieu-of-taxes (PILOT) arrangement the mayor and economic development liaison said will support public improvements and generate significantly more revenue than the site's current tax contribution.
Liz, the borough's economic development liaison, summarized the redevelopment framework, describing project elements that include storefront improvements on Old South Avenue,…
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