A new financial advisor will be selected for the Summit Broad St. West project
SUMMIT, NJ – Broad Street West is back on Summit Common Council’s agenda this week, after the project was put on hold for the past few months.
Council is due to meet on Tuesday evening and will consider two resolutions regarding the proposed Broad Street West redevelopment.
First, the board will vote to appoint Acacia Financial Group as the new financial advisor to Broad Street West. Acacia is already advising the city on other financial matters, according to the meeting agenda.
Previously, Robert Powell Jr. of Nassau Capital Advisors served as the project’s financial advisor.
Powell had introduced the idea of funding the project with a 30-year PILOT agreement. PILOT, which stands for “payments in lieu of taxes”, is a financial incentive that allows the developer involved in a redevelopment project to make payments in lieu of taxes for a maximum period of 30 years.
The second resolution the board will consider is to create a Broad Street West Advisory Committee with resident financial experts.
Last month, the council said ‘community priorities’ would now drive planning for the project and provide transparent information on development progress throughout the process.
Read more: Broad St. West update: Summit Council plans to downsize Sub-District 3
The council will also vote on a resolution that opposes the proposed 22.8% rate increase for coverage of the local government employee group through the state health benefits program.
“This large rate increase will weigh on Summit taxpayers, as well as Summit employees,” the agenda reads.
Another resolution on the agenda will authorize $1,476,000 to fund the 2019 purchase of 7 Cedar Street. This property will be sold as part of the Broad Street West project before permanent bond financing is required, according to the agenda.
Here are some other resolutions the board will consider on Tuesday:
- Authorization to raise funds in brick pavers for the new fire station
- Seek permission from the New Jersey State Division of Local Government Services for a per rider pledge for revenue so the city can accept donated funds for the new fire headquarters fundraiser.
- Two resolutions to appoint a police sergeant and appoint a new police officer
- Authorize the service of alcoholic beverages during the Friends of the Summit public art gala to be held at City Hall
- Authorize paid sick leave for an employee of the Department of Community Services Division of Public Works and for an employee of the fire department
- Development of a permanent dog park at the Transfer Station
You can view the full program here.
Do you have a topical tip? Email [email protected]