1/29/2014 - City Council Adopts Ordinances to Help Propel Redevelopment

NEWS RELEASE 
CITY OF HACKENSACK 
John Labrosse, Mayor 


City Council Adopts Ordinances
To Help Propel Redevelopment

(January 28 2014) The city council approved two ordinances last night that will help propel redevelopment in the city’s downtown area. 

One ordinance allowed the city to formally adopt the Lot C Redevelopment Plan.

Lot C is a 4.3 acre city-owned property that was designated as an area in need of redevelopment in 2013. The area is currently comprised of underutilized surface parking. The proposed Redevelopment Plan calls for multi-family residential development, but would also require the provision of public parking for adjoining parks. 

The adoption of the Lot C plan allows the council to begin advertising for a developer for the site with the hope that plans would be presented in a few months. 

The second ordinance adopted by the council provides short-term tax incentives for developers and residents who build or make improvements in the 39-block Upper Main Street Rehabilitation Area. The ordinance sets specific criteria that developers must meet to obtain a tax abatement.

Interim City Manager and economic Development Director Anthony Rottino said the abatement ordinance provides the city with a tool to attract significant investment in the area. He said ultimately the tax incentives will generate more revenue for the city than the short term tax abatements will cost . 

“The ordinance is very specific about what a developer needs to do to even be considered for an abatement,” said Rottino. “Our objective is to attract substantial developments, such as mixed use projects, that will be benefit to the residents and enhance the character of the community.” 

Mayor John Labrosse said the with approval of the two ordinances, “the city council is laying the foundation for substantial economic growth initiatives that will provide jobs and tax revenue for residents.” 

“I feel confident in saying that we are at the beginning of a economic boom that will change the landscape of Hackensack in a very positive way for decades to come,” added the mayor.

Deputy Mayor Kathleen Canestrino said she is hopeful that the Lot C plan will attract developers of merit who are willing to invest in the long-term economic health of Hackensack. 

“We want to work with top notch developers who recognize the benefits of investing in Hackensack’s future,” said Canestrino. “The developments we are seeking have to be mutually beneficial to the developer and our residents.”