Madison Council Approves Financial Agreement for Green Village Road Property
Monday, June 23, 2014 • 10:30pm
MADISON, NJ – The Madison Borough Council approved an agreement with KRE Urban Renewal for property at 33 Green Village Road in its meeting Monday night.
KRE will construct 135 residential units, 7,500 square feet of retail space and a 3,000-square-foot community center. KRE has requested a long-term tax exemption. In lieu of real property taxes, KRE will pay an annual service charge.
The borough anticipates economic activity, creating jobs and yielding significant municipal revenue. The property is currently tax exempt, while the financial agreement will generate $710,000 in annual service charges. The borough will receive affordable housing funds of $2,081,562. The project will also provide 16,500 square feet of outdoor open space.
In other council news, acting mayor Robert Landrigan urged the public to support a June 30 activities day for Union Beach. “They still need a lot of help,” he said, “and it’s a worthwhile project.”
The mayor also displayed a trophy won by the mayor’s Little League baseball team. The library’s summer reading program has attracted 300 children, with teen and adult programs yet to come, he said. .
Finance Chairman Ben Wolkowitz said the committee is investigating refinancing outstanding debt. He also noted the deadline for the electric rebate is Sept. 1.
“We’re taking a hand on approach,” he said, noting that Councilwoman Carmela Vitale had hosted an event with 50 seniors and 25 of them had signed up for the rebate.
He asked the public to participate in a survey regarding guidelines and proposals for the Strategic Plan. A link to the survey is on Rosenet and hard copies are available at the borough clerk’s office and other departments.
The council discussed the Luke Miller Forge roof replacement on Ridgedale Avenue. Resident Cathie Coultas said the Historical Society has applied for grants and that a partnership has been formed with the Parks Open Space Committee. “It’s a first step,” she said. The council adopted a resolution authorizing the expenditure.
The council also approved infrastructure improvements, including storm sewer construction on Madison Avenue between Loantaka Terrace and Vinal Place, milling and overlay of various streets and sewer lining improvements.
The council’s next public meeting is scheduled for Monday, July 14.