North Haledon approves financial agreement with TFJ for Belmont Avenue redevelopment

The Borough of North Haledon on May 20 adopted Ordinance #9-2026 authorizing a financial agreement with TFJ North Haledon Urban Renewal, LLC to implement the Belmont Avenue Redevelopment Project. The ordinance, enacted by unanimous roll call, permits the mayor to execute the long-term tax exemption agreement and related documents.

The redevelopment description included a Residential Phase of 90 on-site rental units — 84 market-rate units and six affordable units — two group home buildings for Hope Christian Services with five units each for disabled residents, an approximately 74,715-square-foot self-storage facility, and a 4,378-square-foot retail pad with a drive-thru, together with associated parking, stormwater and site improvements. The council record shows the borough and redeveloper had negotiated Annual Service Charges and will execute a Financial Agreement under the Long Term Tax Exemption Law.

The ordinance text traces the project’s history: the Planning Board conducted a redevelopment investigation and the borough previously adopted a Belmont Avenue Redevelopment Plan and designated TFJ as redeveloper by resolution in March 2023. The ordinance authorizes the mayor to sign the Financial Agreement in substantially the form attached to the ordinance and to execute ancillary documents after consultation with borough counsel and advisors.

Council members vote and next steps: The ordinance passed on its second and final reading with motions and a unanimous roll call. The mayor and municipal clerk are authorized to complete execution of the Financial Agreement and to file required documents. The ordinance requires the borough to file certified copies with the Division of Local Government Services upon adoption, and further implementation steps (permits, site work, and any required state approvals) will follow the agreement’s execution.

Authorities and oversight: The ordinance cites the Local Redevelopment and Housing Law (N.J.S.A. 40A:12A-1 et seq.) and the Long Term Tax Exemption Law (N.J.S.A. 40A:20-1 et seq.) as the legal bases for the financial agreement. The council’s action does not, by itself, describe a construction schedule or final building permits; those remain subject to the redevelopment agreement, municipal permitting and any state requirements.

What comes next: The mayor is authorized to finalize the Financial Agreement and to execute any certificates or documents needed to consummate the transactions; the municipal clerk will attest and maintain the executed agreements.