New Financial Advisor To Be Selected For Summit's Broad St. West Redevelopment

SUMMIT, NJ — Broad Street West is once again back on Summit Common Council's agenda this week, after the project was put on hold for the last few months.

The council is set to meet Tuesday night and will consider two resolutions concerning the Broad Street West redevelopment project.

First, the council will vote to appoint Acacia Financial Group as the city's new Broad Street West financial advisor. Acacia already advises the city on other financial matters, according to the meeting agenda.

Previously, Robert Powell Jr. of Nassau Capital Advisors served as the project's financial advisor.

Powell had introduced the idea of financing the project with a 30-year PILOT agreement. PILOT, which stands for "payments in lieu of taxes" is a financial incentive that allows the developer involved in a redevelopment project to make payments in lieu of taxes for up to 30 years.

Read more: What Will Summit's Broad St. West Cost? Financial Expert Explains

According to Tuesday's meeting agenda, funds spent on the financial advisor will be reimbursed by the redevelopers' escrow account.

The second resolution that the council will consider is to establish a Broad Street West Advisory Committee with resident finance experts.

Last month, the council said "community priorities" would now drive project planning and that it would provide transparent information on the progress of the development throughout the process.

Read more: Broad St. West Update: Summit Council Plans To Downsize Subdistrict 3

The council will also vote on a resolution that opposes the proposed 22.8 percent rate increase for coverage of the Local Government Employee Group through the State Health Benefits Program.

"This large rate increase will burden the taxpayers of Summit, as well as Summit employees," the agenda states.

Another resolution on the agenda will authorize $1,476,000 to fund the 2019 purchase of 7 Cedar Street. This property will be sold as part of the Broad Street West project before permanent bond financing is required, according to the agenda.

Here are some other resolutions that the council will consider on Tuesday:

• Authorizing a brick paver fundraiser for the new fire headquarters
• Seek authorization from the State of New Jersey Division of Local Government Services for a dedication by rider for revenues so that the city can accept donated funds for the new fire headquarters fundraiser.
• Two resolutions to appoint a police sergeant and appoint a new police officer
• Authorize serving alcoholic beverages at the Friends of Summit Public Art Gala to be held at City Hall
• Authorize sick leave with pay for a Department of Community Services Division of Public Works employee and for a Fire Department employee
• Installation of a permanent dog park at the Transfer Station

You can check out the full agenda here.

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