Oct 2004:
New revenue for the city
The prospect of all three developments coming on line by 2006 is
raising hopes that meaningful financial relief is on the way for the
cash-strapped city and its restive taxpayers, who have long borne one
of the heaviest tax burdens in Monmouth County. City Manager Terence
Reidy estimates that 500 new occupied units would generate about $3.5
million in annual revenues for the city, which in recent years has had
to scramble to close multimillion-dollar budget deficits.
244 units in the redevelopment completed. Less those still vacant.
Less buildings removed or appealed.
Good thing the little guys built and renovated with no tax abatements.
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