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Waldwick schedules Aug. 25 presentation and Sept. 8 public hearing on redevelopment pilot
Summary
Council announced a two-step process for a proposed tax-abatement pilot: a detailed presentation by Phoenix Advisors on Aug. 25 (no public comment) and a public hearing and likely vote on Sept. 8. Financial advisers will present pro forma numbers that the council said residents should review before commenting.
The Borough Council set a two-part public process for a proposed redevelopment pilot tied to a Harrison Avenue project: Phoenix Advisors and the borough's financial advisers will present the analysis at a special meeting on Aug. 25; a public hearing and possible vote are scheduled for Sept. 8 at 7:30 p.m.
Council members repeatedly urged residents to attend both sessions. "The presentation by Phoenix on Aug. 25 will be the first opportunity to see the detailed numbers," a finance committee member said, adding that the Aug. 25 session is an informational introduction without public comment and that Sept. 8 will be the formal hearing and vote. The council emphasized the Aug. 25 presentation will focus on the actual application and projected cash flows, and that Phoenix's earlier general presentation will be refined for this specific proposal.
Council staff and a CPA (PKF O'Connor Davies) briefed the meeting on pro forma IRR calculations included in the application. The CPA material presented scenarios showing negative returns in early years under conventional taxation and improved returns when a pilot (tax agreement) is included; council members said those figures require public scrutiny and urged residents to "listen to what they have to say as they put their own analysis on it."
