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Council members say pilot is a tool to avoid deeper cuts as Waldwick faces dwindling surplus
Summary
Councilors outlined a multi‑year budget stress and presented the PILOT as a narrowly tailored option to bring non‑tax revenue and avoid service cuts; they said rejecting the pilot could leave a vacant property and no new revenue for the borough.
Council president Martinello and Councilman Ritchie framed the draft financial agreement as a response to several years of declining surplus and rising mandated costs. Council members said they instructed planning staff in 2024 to study redevelopment areas and later approved a site plan for a mixed residential/retail project that includes six affordable units.
Councilman Ritchie told the audience that the borough has been "running out of money" and that the approved, modest project would not be bankable in its current form without a negotiated PILOT. He summarized options presented earlier in the meeting: do nothing (status quo); accept the approved modest project with a PILOT (the current proposal); or pursue a larger, denser conventional‑tax project that the council said would be inconsistent with the borough’s development goals. The council repeatedly emphasized that the Sept. 8 public hearing is the forum for final deliberation and resident testimony.
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