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Highlands council adopts tax-exemption deal for 292-unit Scenic Highlands redevelopment
Summary
The Borough of Highlands voted to adopt Ordinance O25224, approving a long-term tax-exemption (payment-in-lieu) and financial agreement to enable a 292-unit redevelopment (Shadow Lawn, rebranded Scenic Highlands). Developers promise 44 affordable units; residents pressed council on traffic, school costs and geotechnical safeguards.
The Borough of Highlands council on Dec. 3 adopted Ordinance O25224, approving a long-term tax-exemption (a payment-in-lieu or "pilot") and a financial agreement to support a 292-unit redevelopment on the former mobile-home site known in project documents as Shadow Lawn and referred to by the mayor as "Scenic Highlands." The ordinance was approved on its second and final reading.
Redevelopment counsel Fran McManaman opened the hearing and said the ordinance implements a previously adopted redevelopment agreement for a mixed market-rate and affordable housing project. Mike Hanley, principal at NW Financial Group, presented the financial analysis, saying the $150 million project includes 292 units (248 market-rate and 44 affordable), roughly 393 parking spaces and an average per-unit construction cost that the presentation placed near $500,000. Hanley said the…
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