Financial Experts In Summit Sought For Broad St. West Committee

SUMMIT, NJ — *Editor's note: This article was corrected to reflect that the Summit Common Council has not yet passed a resolution to eliminate the apartment building proposed between the Summit Library and the YMCA*

Moving forward with the Broad Street West redevelopment project, Summit Common Council is now accepting applications from residents to participate in a newly formed Broad Street West Redevelopment Advisory Committee.

Specifically, the city is seeking applicants who are financial professionals and have experience working in real estate development and construction loan finance.

Qualified applications also include those with a specialized expertise in alternative asset class investment with a demonstrated understanding of residential, commercial, and retail use pro forma analysis, project loan underwriting, real estate market risk assessment and capital deployment, according to the city.

Once selected, these members will assist the council in its negotiations with Broad Street West redevelopers and be tasked with reviewing and analyzing financial information related to the project.

Applications close on Sept. 20, and members of the committee will be appointed by the Common Council at its Oct. 6 meeting and serve for one year or until committee work is complete.

Councilman Greg Vartan said at Tuesday night's council meeting that the reason design professionals are not included on this committee is because the council is waiting for the redevelopers to come back with new design options, and it is a priority to determine if these options are financially viable.

Vartan argued that the council has already had significant engagement with the community on the design, size and scale of the project.

"We have had extensive community involvement and engagement on the design aspect," Vartan said. "We've heard clearly what is desirable and not desirable."

Vartan also added that the design is "highly subjective" and that it wouldn't make sense to have a committee on that.

However, several residents expressed dismay that the committee will not include residents with other expertise, besides finance.

"I think it's offensive for Common Council to just choose people who have a financial background, people who have a real estate background and go with that committee," resident James Tammero said. "There's taxpayers in the city of Summit that may have many other vocations they're involved in ... I don't think it's fair."

Resident Peter Engelhardt also argued that having the council select the committee is biased and that the residents should also select members they believe should participate in the committee.

"I have absolutely no objection to the establishment of this committee, but the methodology where the city decides who's going to be on the committee taints it from the get-go," Engelhardt said. "Why would you put anyone on the committee who disagrees with you? You won't."

Many residents, such as Deborah Oliver of the "Residents for Summit" group, pushed the council to consider a joint resident-council steering committee.

Council President Marjorie Fox, however, reiterated that the financial committee is a "free-standing group" and argued that people are "erasing the three years of work" where the council has engaged with the public on redevelopment matters.

"We are discounting all of the engagement that has happened from January 2022 to July 2022," said Councilwoman Susan Hairston. "We are acting as if that engagement meant nothing, and that does concern me."

More information on the role of committee members and volunteer applications are available on the city website at cityofsummit.org/volunteer.

Residents are told to include a resume with submission of an application.

New Broad Street West Update

At Tuesday night's council meeting, Mayor Nora Radest said the council will consider eliminating the proposed apartment building between the YMCA and the Summit Free Public Library, which is part of the Broad Street West redevelopment plan.

Councilwoman Lisa Allen told Patch that in order to amend the redevelopment plan, the council will have to approve a resolution.

"There was so much concern and dismay about the development to occur on the parking lot between library and the Y," Radest said. "We specifically are [removing this section] because we want you to understand and believe that we have listened ..."

The council also voted to appoint Acacia Financial Group as the city's new Broad Street West financial advisor. Acacia already advises the city on other financial matters.

Read more: New Financial Advisor To Be Selected For Summit Broad St. West Project

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