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City manager outlines revised CRA plan to consolidate downtown, allow residential abatements in River's Edge
Summary
The city manager proposed consolidating downtown and River's Edge CRAs, allowing council discretion to designate some mixed-use projects as residential eligible for 15-year, 100% tax abatements, and explained payroll-based revenue-sharing thresholds that trigger school-district sharing.
The city manager briefed council on a proposed revision to the city's Community Reinvestment Area (CRA) program designed to better incentivize downtown and River's Edge development.
Under the proposal, the city would consolidate two CRA areas and establish effectively two CRAs: a consolidated downtown/River's Edge designation and a separate stand-alone CRA for remaining commercial…
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