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Asbury Park Council Approves 92‑Unit Springwood Redevelopment, Grants Long‑Term Tax Exemption
Summary
The Asbury Park City Council adopted ordinance 20263 to authorize a long‑term tax exemption and financial agreement for a 92‑unit redevelopment at 90 Memorial Drive with a 20% affordable set‑aside; the measure passed 4‑1 after brief council questions about unit mix and tax‑pilot terms.
A majority of the Asbury Park City Council on Tuesday approved an ordinance authorizing a long‑term tax exemption and financial agreement for a 92‑unit redevelopment at 90 Memorial Drive in the Springwood Avenue redevelopment area.
Redevelopment Council Dave Clark told the council the project includes 92 residential units, 19 of them designated as affordable (20% set‑aside), approximately 11,800 square feet of commercial space and 107 off‑street parking spaces. Clark said the redevelopment agreement conditions the developer’s obligation on…
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