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Developer to pay $40,000 to Fort Lee Parking Authority to satisfy parking obligation
Summary
The Authority ratified an agreement with developer Fantasy of Taste requiring a $40,000 payment to the Authority to meet the project’s parking obligation: $20,000 upon Certificate of Occupancy and $20,000 within 18 months.
Resolution 2025-40 ratified an agreement with developer Fantasy of Taste (property at 1646 Center Avenue, Block 4152, Lot 7) under which the developer will pay $40,000 to the Fort Lee Parking Authority to satisfy its off-street parking obligation. Payment terms call for $20,000 due upon issuance of a Certificate of Occupancy and an additional $20,000 due within 18 months.
Commissioners authorized the agreement after negotiation by the Executive Director and legal counsel. The motion to ratify was made by Marc Macri and seconded by Michael Raskin; the vote was unanimous. The resolution indicates funds will be used to maintain and create off-street parking where practicable.
