Hinchliffe Stadium developers seeking 35-year tax abatement | Paterson Times Paterson Times

Hinchliffe Stadium developers seeking 35-year tax abatement

By Jayed Rahman
Published: July 23, 2020

hinchliffe-stadium

Developers are seeking a 35-year tax abatement on the housing, daycare, and parking garage portion of the Hinchliffe Stadium project, according to an agreement before the City Council.

Under the agreement, the developers will not pay regular taxes on the 75-unit senior housing apartment, the daycare center, and parking garage, but pay an “annual service charge.”

Documents show the developers will pay on average $85,700 per year. Over the 35-year life of the agreement the city will collect $3 million in payment-in-lieu of taxes.

Records do not show how much the apartment complex, parking garage, and daycare would pay in property taxes without a pilot agreement. Past tax abatement agreements have contained a juxtaposition of the amount a developer would pay under regular taxation and the amount they would pay under the pilot agreement.

Members of the City Council on Tuesday refused to consider the measure.

“This needs more further discussion,” said councilwoman Maritza Davila. She said mayor Andre Sayegh’s administration has “pushed too quickly” on the agreement. “There’s a lot of questions that I have.”

Council members Luis Velez and Michael Jackson said the measure should be discussed at a workshop meeting.

Jackson also said the agreement is being rushed.

Councilwoman Lilisa Mimms, chairwoman for the economic development committee, said the measure is “time sensitive.” She said the agreement has to be submitted to the state by August 6.

Opponents of the agreement succeeded in getting the measure tabled at Tuesday’s meeting.

Council members are holding a special meeting on Tuesday, July 27 at 5 p.m. to consider the tax abatement agreement.

The Hinchliffe Stadium project has a price tag of $76.7 million. It includes the housing, daycare, parking garage, and renovation of the historic stadium.

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