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Edison Redevelopment Update

Additional resolutions, ordinances on second reading moved to later meeting

township council meeting, the two ordinances and two additional resolutions regarding the Edison redevelopment project will now be up for approval during the March 20 meeting.

Additionally, the bond ordinance introduced and will be re-introduced March 6 after a procedural error was made, officials announced late Friday night.

"Background information about the township's debt was prepared but not on file in the township clerk's office prior to the Feb. 21 meeting," Mayor Robert Parisi said in a release. Due to the mistake, he said, the bond ordinance will have to be re-introduced.

The March 6 meeting will take place at township hall at 7 p.m. All other actions related to redevelopment will be postponed until March 20.

The council will meet at March 20 at 7 p.m. The meeting will include an as well as answers to any questions and comments from the public.

The council will vote on a resolution approving a modification agreement and an infrastructure construction agreement.

Also up for a vote on second and final reading will be the bond ordinance and the ordinance outlining the financial agreement between the township and the developer.

If all ordinances and resolutions are approved March 20, the developer must still garner approval from the zoning board before proceeding with construction. Construction is expected to take 20 months.

Gary Englert February 28, 2012 at 09:07 PM
@ Paul P: And your point here would be what? This exchange was from three or so years ago and the +/- $50 Million bond proposal (on which Prism would have paid all the carrying costs) was never brought to a vote before the Council.
Paul P February 28, 2012 at 09:15 PM
Mr. Cohen laughed genially right along with him. “Hey, you’re on the hook for this, too,” the developer said. What you call "a public-private partnership" is the same as , being in business with.
Gary Englert February 28, 2012 at 09:18 PM
Paul P: Again...what don't you get about the idea that redevelopment didn't begin with Prism? It began with West Orange soliciting developers to come here to invest in and renovvate the property and that Prism was the company chosen from those who expressed interest and presented proposals????
Paul P February 28, 2012 at 09:24 PM
Do you have proof other bidders were solicited and their was an actual bidding process? Here's the whole article for anyone wishing to read it http://www.nytimes.com/2008/04/06/realestate/06njzo.html?exprod=permalink
Gary Englert February 28, 2012 at 10:34 PM
@ Paul P: Yes, though all the names escape me at the moment (Paul Bucha, a Medal of Honor recipient headed one group, Larry Pantirer another and there were one or two others as I recall), there was an exhaustive presentation and selection process, in public meetings before the Council, at the beginning of the last decade. One developer even jumped the gun and purchased the Barton Press site before the process was complete. Ultimately, Prism came to terms with them and bought that parcel as well. This is all water under the bridge but, the Times article certainly confirms how long Prism has stayed th course here...and paid taxes on a vacant parcel, that hasn't brought them a penny of income.

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