City Council finalized changes to a parking financial agreement with developers of the Mint that provided some $300,000 in lieu of nearly 60 parking spaces.
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The governing body approved a resolution (AR-57-24) at its Feb. 12 regular meeting amending the PILOP agreement with Dornoch Rahway II Urban Renewal LLC, developers of The Mint at Monroe and Main streets.
The PILOP originally was devised in 2017 with the Parking Authority, and amended in 2018. The Parking Authority, an autonomous agency, was dissolved and folded into city operations in late 2018. The original agreement for Phases 1 and 2 of The Mint called for a payment of $295,000 based on 59 parking spaces at $5,000 per space.
The preliminary and final major site plan for The Mint had 245 parking spaces in addition to 11 on the Monroe Street extension, 14 on Main Street, and 2 on Poplar Street. That still was short by 64 parking spaces of the 309 required by local ordinance. Upon approval in 2021, the redevelopment agreement included a contribution for 65 spaces via a PILOP to reach the total 309 spaces required.
PILOPs offer an option for a developer to pay a fee per parking space in lieu of providing the number of spaces required by local ordinance and the city can use the fees toward public parking. Changes approved by the Planning Board in 2021 to the original plans added several parking spaces to Phase 2 that reduced the PILOP contribution from a potential 64 spaces ($320,000) to 62 spaces ($310,000). Approvals also allowed the second phase to go from five to six stories and add 16 units for a total of 108.
The redeveloper, Dornoch Rahway II Urban Renewal, has paid the PILOP of $295,000, according to the resolution. Dornoch Rahway II Urban Renewal is a joint venture between Fields Grade and The Slokker Group, which opened leasing on Phase 2 of The Mint last year. The entity also shares the same address on the property records as offices for Hoboken-based IronState Properties.
The remaining $15,000 portion of the PILOP that remains unpaid will be due and payable on the issuance of a temporary or permanent certificate of occupancy (CO) for Phase 2 of the project, according to the resolution.
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