In a nearly unanimous vote, City Council approved changes to regulations governing retail dispensaries as residents near a potential cannabis retail location raised concerns primarily about traffic.
Continue reading Council revises retail cannabis regulations
The Planning Board will investigate the 19 properties owned by Merck to determine if they qualify for redevelopment as the pharmaceutical giant plans to move its global headquarters within the next three years.
There are more than 300 residential properties on the city’s foreclosure registry, as of Sept. 1, including almost 100 vacant properties.
Continue reading More than 300 properties on foreclosure registry
The developer behind a concept to build several hundred residential units at the former Wheatena site has discovered some issues in the title search but also estimates environmental cleanup costs could be more than originally expected.
In his report submitted to Redevelopment Agency ahead of their scheduled May meeting, Executive Director Peter Pelissier updated commissioners on the proposed Brownstones development targeted for the former Wheatena site at West Grand and Elizabeth avenues. Continue reading Proposal for Wheatena runs into ‘issues’
The developer behind two downtown projects is close to acquiring properties comprising the former Wheatena site for a possible 400-unit development.
A judgement by the state Tax Court resulted in a 2-percent reduction for one of the city’s largest taxpayers in the 2010 tax year, but no change in the property’s overall assessment.
The City Council approved resolution AR-230 at its Oct. 15 meeting, authorizing a $7,001 credit for the overpayment of taxes to Renaissance at Rahway, LLC, which does business as Meridia Grand. The building was constructed in 2010 by Capodagli Property Company, which sold it in 2011 for $19 million.
The 88-unit Meridia Grand on Monroe Street and East Grand Avenue is assessed at $5.362 million, for a property tax bill of about $324,420 last year. A $7,001 reduction is about 2.16 percent. The size and nature of a tax appeal can determine what venue it’s decided in and larger tax appeals can take longer to resolve.
The number of tax appeals filed doubled in 2010, and it was the same year that Merck initiated a massive tax appeal on its property, which resulted in a settlement and multi-year reduction. Renaissance at Rahway/Meridia Grand was among the top 10 property taxpayers in the city that year.
The City Council also approved refunds for 2013 tax appeals, which will be detailed in an upcoming post.
As negotiations over acquisition of the former Wheatena property slow down, the Redevelopment Agency is waiting but keeping its options — including condemnation — open.