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Redeveloper Matrix granted extensions as council presses for clarity on timetable, $400,000 township payments and environmental cleanup
Summary
Council and administration discussed extending the redevelopment agreement for a downtown Matrix project. Officials said the township has received two $200,000 payments tied to the project and that environmental remediation and demolition have delayed progress. Council members pressed for information about a studio partner, earned extensions and the effect of continued delays on tax revenue.
Councilors pressed administration and redevelopment counsel on March 3 for more details about the Matrix (18 Central Avenue) redevelopment agreement after members of the public and the council questioned a requested extension of timeline milestones.
Administration and counsel said the township has received two $200,000 payments (totaling $400,000) under prior terms, which were intended to mitigate tax‑revenue loss while the township retained ownership during the redevelopment process. Officials described ongoing negotiations to extend due‑diligence and closing timelines and cited complex environmental remediation and demolition work as principal sources of delay.
Council members asked for evidence of developer progress and whether a studio or lease partner had been identified. One resident noted that Matrix was appointed an 18‑month exclusive redeveloper and that the period has elapsed without a publicly disclosed studio partner or a material showing of performance. Administration said the attorneys were handling some matters confidentially because public disclosure could harm negotiations, but that the redevelopment team still considers the project viable.
A town official said that the redevelopment team is coordinating with BDA (presumably a state/development agency) to access grants, but that environmental conditions complicate sequencing. Council members urged a more definite timeline and noted the opportunity cost of foregone tax revenue while the property remains undeveloped.
Ending: The council did not approve a final amendment that night; administration said it would continue negotiations, provide available backup to council members and report back. Council members signaled they expect more detailed documentation before extending further exclusive rights.
