934 Units, 2 Clubhouses Photo credit: BartonPartners
The redevelopment of the former Roselle Golf Club site will positively impact the residents of the Borough for years to come. The 932-unit project is expected to be constructed in five phases over the course of the next six years. While the property will be subject to a 30-year tax abatement, the developer will make annual payments-in-lieu-of-taxes (PILOTs) which will be significantly more than the current tax revenue generated by the golf course. In addition to the financial benefit through the PILOT, the project will generate non-financial benefits in the form of attracting new residents and additional redevelopment projects. The influx of new residents will benefit the Borough by increasing spending, revitalizing existing shopping centers, and job growth throughout the Borough.
The plan is intended to foster a pedestrian friendly environment. Photo credit: BartonPartners
The Borough has negotiated a 30-year PILOT agreement with the developer in which the developer will make annual payments in the approximate amount of $2.1 million. The golf course currently generates approximately $300,000 in annual property tax revenue. The PILOT is expected to cover all municipal and school costs associated with the increase in residents and leave the Borough with approximately $900,000. This excess revenue will be used by the Borough to offset general appropriations in the budget, thereby reducing the tax burden on each resident.
Further, the Borough has negotiated a Community Impact Fee, which is an additional per-unit charge that can be used directly by the Borough to offset budget appropriations. At full build, the Community Impact Fee is expected to be approximately $325,000. Both the Community Impact Fee and PILOT revenue are annual revenue streams that will reduce the tax burden on the residents of the Borough for the next thirty years.
Ground floor apartments with stoops and porches will also be included throughout the community. Photo credit: BartonPartners
In addition, the redevelopment of the golf course will greatly impact the local economy. The new residents will create greater demand for jobs, goods and services, which will in turn revitalize existing shopping centers and business areas. This can then lead to additional redevelopment projects throughout the Borough. Increased development can have significant benefit to local property values.
The Borough will have will have a high level of control over the project through the Planning Board. The Borough and the developer will work together to fashion a residential complex that both contains all necessary amenities and does not look out of place in the community. The buildings will not exceed four stories and approximately 40% of the property will be set aside for open space and parkland.
Further, the parkland and walking trails will be available for public use.