The Chamber of Commerce will ask City Council to table a proposed ordinance that expands the Special Improvement District (SID) until early next year.
Continue reading Chamber requests SID expansion plan be tabled
Tag Archives: Special Improvement District
SID, tax would expand beyond downtown
City Council will consider a measure next week that would expand the Special Improvement District (SID) beyond the borders of he downtown district to include all commercial properties within the city.
City Council amends budget
City Council on Monday night amended the city budget by resolution (AR-87-13), held the required public hearing on the spending plan, but will approve the budget as amended at its meeting next month.
Chief Financial Officer Frank Ruggiero explained that an amendment is necessary if:
– There is an increase or decrease of 10 percent in a budget appropriation;
– A new appropriation is added that is equal to more than 1 percent of the budget;
– The tax levy is increased or decreased by 5 percent.
In this case, it was the first item, an increase or decrease of 10 percent in a budget appropriation. Specifically, $20,000 was reduced in the Department of Law for salaries and wages, related to the public defender and , along with changes to some six line-items in the budget, which reduced the tax levy by about $32,000, from $34.47 million to $34.44 million. The tax levy is about 2.95 percent, or $985,000, more than last year’s tax levy. In all, the budget stands at $50.77 million.
The change will mean an average tax increase of about $113, versus the originally proposed $116, for the average assessed home in Rahway ($133,000). The municipal budget comprises about 40 percent of the overall property tax bill.
The City Council also unanimously adopted a budget for the Special Improvement District (SID) in the amount of $130,000, which funds the Rahway Arts District.
City budget up for vote, public hearing Monday
City Council is scheduled to adopt a city budget for 2013 on Monday night that anticipates a municipal tax increase of about $116 for the average assessed home ($133,000). A public hearing is scheduled during the regular meeting, which begins at 7 p.m.
The $50.7-million spending plan includes a property tax levy of $34.47 million, an increase of about 3 percent over the previous year. City Council also is scheduled to adopt a separate, $130,000 budget for the Special Improvement District (SID), which funds the Rahway Arts District.
The municipal budget was introduced last month. For a breakdown of some specifics on the tax increase, check out this post from last month after the municipal budget was introduced.
City budget estimates average $116 tax increase
A municipal budget presented Monday night forecasts an average $116 increase in the city’s portion of the tax bill.
Continue reading City budget estimates average $116 tax increase
The Savoy steel finally coming down?
In what might be the first bit of good news about The Savoy property in years, the bank behind the project has orders to level the site — steel and all.
Dornoch updates agency on retail properties
As promised, the remainder of the briefing the Redevelopment Agency received last week from Glen Fishman, managing partner of Dornoch Holdings.
Fishman was invited to provide an update on the firm’s activities and while the “bad news” portion consisted of an update on the lack of activity at The Savoy, the “good news” portion, as it was described, concerned Dornoch filling its rental properties along Main Street.
Temporary surfacing parking eventually will take over the rest of Lot B on Main Street, adding about 100 spaces in a deal with the Parking Authority and Redevelopment Agency. How temporary the parking is likely will depend on when the economy rebounds. The space originally was planned for 152 residential units with retail-residential mix and parking component known as The Westbury.
Dornoch has been able to rent all but two of its buildings along Main Street, Fishman said
. Residential apartments above its properties at 1513 Main St. and 1469 Main St., are rented while they’ve had some interest in the retail components. A New York tenant abandoned 1469 Main St., Fishman said, but a clothing store (headed up by his stepmother) has moved into 1513 Main St. (photo above) while 1501 Main St. has two potential tenants, including a Westfield attorney who may come before the agency and/or Planning Board with changes to the interior, and another tenant who may be interested in the entire building. He’s hopeful to have the spaces filled by February or March.
“People continue to have faith in the town and are willing to spend,” Fishman told commissioners.
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Here’s an idea that might be worth copying. Summit’s merchant association, Summit Downtown, Inc., issues an annual report of sorts, the going vacancy rate and detailing the past year of openings and closings. While Summit may be vastly different in terms of demographics, like Rahway, it also has a Special Improvement District (SID) tax.
Perhaps an effort such as this may be undertaken by the reorganizing Rahway Center Partnership, which is revamping its website, the fledgling Chamber of Commerce, or be included in the mayor’s pledge to market the city.
By the way, Summit reported a vacancy rate of 4.8 percent, 10 vacancies, down from 7.6 percent, 16 vacancies, with 21 new stories and seven expansions/relocations, and five new openings anticipated early this year.
Breakdown of SID taxes
Catching up on some older items during this slow week, the City Council last month approved a 2010 budget of about $130,000 for the Special Improvement District (SID).