Redevelopment agency OKs redevelopment agreement, recommends 5.5% PILOT for 65-unit senior housing at 519 Ringwood Avenue

The Pompton Lakes Redevelopment Agency voted to authorize a redevelopment agreement with the Passaic County Affordable Housing Corporation and to recommend a financial agreement to the borough that would impose a 5.5% annual service charge over 30 years for a proposed senior housing development at 519 Ringwood Avenue.

Janice DeJohn, identified in the meeting as executive director of the Passaic County Affordable Housing Corporation, and architect Steve Coppa presented the proposal and drawings. "There are going to be 85 parking spaces," DeJohn said during her overview, noting that 80 parking spaces would be required for the project as currently configured. The plan calls for 65 residential units geared to seniors, a community/program room, laundry and mail/package facilities, a walking path and gazebo, and on-site amenities to support residents.

The presenters said the site is pad-ready after prior demolition work and that they anticipate roughly 18 to 22 months from approvals to occupancy. The team estimated about 50 temporary construction jobs and about 50 permanent jobs associated with operations. DeJohn said the project would prioritize veterans and local residents on applicant lists and that the applicant had filed required materials with county and planning authorities.

Board members asked about landscaping, maintenance responsibilities, whether the project would use low-income housing tax credits, and the financing structure. The presenter replied that LIHTC would not be used and that the 5.5% PILOT rate is typical for comparable affordable-housing financings structured to preserve local preferences. "It is negotiable," the presenter said regarding the rate, "but that's the number that works and makes the project pencil out."

The board moved and took roll-call votes to (1) authorize execution of a redevelopment agreement with the Passaic County Affordable Housing Corporation and (2) recommend the related financial agreement (the PILOT) to the borough governing body for final adoption. The transcript records affirmative roll-call votes by members present for both measures. The agency also noted several checklist items remain before final site-plan approvals and expects the applicant to proceed to the planning board for site-plan review.

Next steps: the agency will forward the financial agreement recommendation to the borough governing body for its consideration; the applicant will pursue the remaining checklist items and required planning-board approvals before construction can start.