A staggered five-year tax abatement for the 106-unit Meridia development at 4th & Valley was approved by the South Orange Village Board of Trustees at its meeting last night.
The staggered tax payments — increasing in 20% increments over a 5-year period until reaching the full 100% — would be divided in appropriate proportion between the school district (approximately 60%), municipality (25%) and county (15%).
As part of the financial agreement, Meridia Capodagli Property will also contribute roughly $250,000 to the Academy Heights Neighborhood Association as part of its financial deal to develop a 106-unit mixed-use building at 4th & Valley in South Orange. At the Jan. 8, Board of Trustees meeting, Village President Sheena Collum explained that much of that sum would be used for improvements to Memorial/Founders Park and to comprehensive traffic and pedestrian safety improvements along Valley Street in South Orange.
At the end of 5 years, Collum said that the 4th & Valley development — which will also include 8,000 sf of ground-floor commercial space — should be contributing about $800,000 annually in local taxes — making it among the top contributors in the township.
Meanwhile, the site plan for the project continues to be reviewed by the South Orange Planning Board tonight, January 9 at a hearing to begin at 7:30 p.m. on the main stage of the South Orange Performing Art Center (Case #260/Meridia Village Commons I, South Orange LLC, Block 2303, Lots 7-11). The site encompasses 290 Valley Street and 8, 10, 14 and 16 Fourth Street. All existing structures will be demolished for the single, multi-story building.