The mayor of North Haledon is praising newly approved housing projects that will go up in his town as a deal that will jump-start development to turn a “blighted” industrial area into a residential neighborhood that will spur more construction in the area, according to an article on northjersey.com.
The multiple Belmont Avenue projects will bring more than 200 apartments–with some affordable housing units among them–and at least 30 townhouses into the area near the completed Belmont Estates townhouses, the story said.
As part of a way to bring in developers, the town is working on a payments in lieu of taxes (PILOT) agreement that would allow the developers to make payments to the town based on a percentage of revenue instead of paying taxes.
The North Haledon mayor called it a good deal saying the town would make a “tremendous amount of money.”
If the developers and building owners paid taxes instead, that tax revenue would have gone to the school district, according to the story.