BELMAR — The borough mayor and council, after holding a workshop discussion regarding affordable housing updates, passed four resolutions authorizing settlement agreements with the four intervenors to the borough’s declaratory judgment (DJ) action.
According to the presentation given by borough redevelopment counsel, the borough has achieved 99 units of its obligated 96 affordable housing units with the approval of these four settlement agreements.
The four settlement agreements, made by separate resolutions, designate final project agreements for the four intervenors to the borough’s DJ action: Mark Built Properties LLC; 613 Tenth Avenue LLC; Sackman/75 Rainey LLC; and Repetti/Russo Development.
The projects equate to 56 affordable housing units, with a total of 405 units. The remainder of the affordable housing units are acquired through other areas of the town that the borough was permitted to count toward its obligation, according to redevelopment counsel.
Tuesday night’s redevelopment update was given by the borough’s redevelopment counsel, McManimon, Scotland & Baumann LLC, which includes Joseph Baumann Jr., Frances McManimon and Leslie London, as well as Dan Banker, from NW Financial Group, LLC, who has been assisting with financial advice throughout negotiations with the intervenors.
The Mark Built project, located at River Road/Sixth Avenue and Main Street (Block 56, Lots 1, 2, 4 and 6, Block 57, Lot 4), will include 24 affordable housing units out of its 139 total units.
The Repetti/Russo project, located on Route 35 between Eighth and 10th avenues (Block 87, Lots 1, 2 and 3), will include 20 affordable housing units out of its 198 total units. Additionally, the developer will make a 5% payment to the borough’s affordable housing trust fund in lieu of 10 additional units, to the tune of $2 million.
The Sackman/Rainey75 project, located at 708-710 Main St. (Block 75, Lots 4, 5 and 6), will include 10 affordable housing units out of its 56 total units.
The 613 Tenth Avenue project, located at 613 Tenth Ave. (Block 105, Lot 8), will include two affordable housing units out of its 12 total units. Additionally, the developer will make a payment to the borough’s affordable housing trust fund in lieu of .4 unit, in the amount of $60,890.80. Because 20% of the total units would technically be 2.4, the developer will make a payment to the borough’s affordable housing trust fund in the amount of $60,890.80 in lieu of the .4 unit.
The settlement projects are expected to result in a population increase of 838 full-time residents for three of the projects, according to Banker. The Mark Built project is estimated to generate 322 new residents, the Repetti/Russo project is estimated to generate 393 new residents and the Sackman project is estimated to generate 123.
The projects will consist of one-, two- and three-bedroom units, at different levels of affordability based on income. However, an exact breakdown of units for each project was not available at the time of the meeting.
According to London, the affordable housing units will be deed-restricted and the individuals who go into the units must be qualified. “We will have an administrative agent that will oversee and do annual interviews to make sure the people are still there.”
Baumann noted that the planning board will still have a role in these projects, “the same role as it does if any one of you were to make an addition to your house, or otherwise go before them for something that you have a right to do, they’ll be able to review the application in the same manner. We expect all these projects will go through a certain amount of design with the design committee and all the effort to make the facade as attractive as we can for Belmar.”
The redevelopment projects will also provide “intangible benefits,” according to the presentation, including “redevelopment of vacant and/or underutilized properties” and “increased support for local businesses.”
This is an excerpt of the print article. For more on this story, read The Coast Star —on newsstands Thursday or online in our e-Edition.
Check out our other Belmar stories, updated daily. And remember to pick up a copy of The Coast Star —on newsstands Thursday or online in our e-Edition .
Subscribe today! If you're not already an annual subscriber to The Coast Star , get your subscription today! For just $38 per year, you will receive local mail delivery weekly, with pages and pages of local news and online access to our e-edition on Starnewsgroup.com.
Most Popular
Comments / 0