A 5-story, 45-unit project on East Cherry Street is moving ahead, including property transfers, a redevelopment agreement and discussions on a Payment In Lieu Of Taxes (PILOT).

Underground oil tank exploration is scheduled for Friday behind the Police Assistance Center building to determine how big and if there are any environmental issues, Executive Director Leonard Bier said during his report to commissioners during the Redevelopment Agency’s monthly meeting on Wednesday night.

Redevelopment Agency attorney Jeanne McManus said they’re finalizing terms of the redevelopment agreement with R2-N2 Properties., an single purpose LLC created by Waldwick-based DMR Construction for the project.

The Gramercy is a five-story, 45-unit development that includes razing three buildings at 38-52 E. Cherry St. The project received Planning Board approval in November.