The Town Council can delineate any area within a municipality as an "area in need of redevelopment" if the area qualifies under one or more of the criteria set forth in the Local Redevelopment and Housing Law, NJ.S.A. 40A:12A-5.
When properties qualify as and then are designated as an area in need of redevelopment by a governing body, a redevelopment plan may be drafted and adopted which would include specific and detailed development standards that are reflective of community desires for the development of the area. Designation of an area in need of redevelopment may also qualify projects within certain financial incentives only available to properties within an area in need of redevelopment.
At the March 10 Town Council meeting, the Council took the first official step required under the Local Redevelopment and Housing Law towards designating areas in need of redevelopment by passing resolutions directing the Planning Board to study all eight municipal parking lots, the property that the Rialto building occupies, and - as a result of the Town’s continued conversations with Hudson’s Bay Company - the Lord & Taylor sites, in order to determine if they meet the statutory criteria as an area in need of redevelopment.