Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Redevelopment topic
No spam. Unsubscribe anytime.
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 completion of the pilot program and described a phased “pilot” payment schedule that begins at 10% of annual gross revenue and increases in stages over 30 years.
"The project is a 92 unit project with a 20% affordable housing set aside," Clark said, adding that the phased pilot percentages were negotiated by the city’s financial consultant and reflected projected revenues and the affordable‑housing benefits.
Council questions focused on how the 19 affordable units would meet the statutory mix of very low, low and moderate incomes and bedroom‑size requirements. Clark and staff said the development will comply with the Uniform Housing Affordability Controls and that municipal affordable‑housing staff had reviewed the mix.
Public comment on the ordinance was opened and closed with no speakers recorded on the item. The council adopted ordinance 20263 by roll call: Council Member Bezerson voted no; Council Members Chapman and Clayton, Deputy Mayor Quinn and Mayor Moore voted yes, approving the long‑term tax exemption and financial agreement.
The ordinance implements a financial agreement with Memorial Avenue Holdings Urban Renewal Company LLC and ties the developer’s obligations to the successful completion of the city’s pilot procedure, according to Clark. The adopted agreement also includes the stated commercial and parking provisions and the 20% affordable set‑aside.
Next steps outlined by council staff include final documentation of the financial agreement and administrative follow‑through to implement the pilot payment schedule; the council did not state a specific start date for payments at the meeting.
Vote tally: yes 4, no 1.
