Our firm worked with the Town of Harrison, the County of Hudson and the Hudson County Improvement Authority to assist the Town in implementing its redevelopment plan. This project involved the initial phase of a multi-phased neighborhood in which a private developer was facing a series of site-specific challenges during a time when conventional financing was contracting. The challenges included unanticipated costs associated with environmental remediation, utility relocation and infrastructure to service the multi-phase project which needed to be financed before the initial phase was commenced.
Using two series of bonds secured by payments in lieu of taxes and special assessments, respectively, nearly $13 million in public subsidy was made available to the initial phase of the project. This level of public commitment required a coordinated security package be created to protect the interests of the Town without impacting the ability of the developers to obtain conventional financing. The result was the opening of a 275-unit building in September, 2011, with new revenues flowing to the Town and new residents inhabiting the first privately financed and owned project within the Town’s redevelopment area since 2004. In 2012, it is anticipated that the developers will begin phase II and Phase III of their project.
For more information on this project, please contact Glenn F. Scotland, Member, at (973) 622-1800.