One Westfield Place Advances With Approval Of Revised Financial Agreements

WESTFIELD, NJ — One Westfield Place project is advancing with the recent adoption of three financial ordinances that reflect the updated terms of the amended Redevelopment Agreement.

The Town Council approved the ordinances at its May 27 meeting.

"Tonight's vote represents a significant and much anticipated milestone for One Westfield Place and we are very excited to finally get this project underway," said Mayor Shelley Brindle at the meeting.

The ordinances stemmed from the changes made to the One Westfield Place project in November. It had come down to a party-line vote to approve the changes which includes a reduced scope in size of the project.

Some of those changes included reducing the amount of square footage of office space proposed.

The votes on two of the three ordinances were unanimous, except for the vote to authorize the execution of amended and restated financial agreements where Councilman Michael Armento voted against it.

"I can not give my approval to this. I know it will pass so my vote really doesn't have meaning but I will not vote yes to this because I do not think we should be entering into this agreement. I have a lot of concerns about Sachs Global, Streetworks - even though everybody says financially they are OK. Everyday something else comes out that's concerning," said Armento.

He did note that he would vote in favor of the ordinance cancelling the need for a $12 million bond.

The newly adopted and amended ordinances provide the Town with financial protections and also includes a reduction in the amount of bond money needed from $57 to $45 million.

"It's prudent for the town to take a smaller bond out," said Armento noting it was less of a burden on future administrations.

The amended project can now move forward where a site plan review will be held with the Planning Board.

Previous Reporting:

• One Westfield Place Moves Closer To Becoming A Reality
• Split Down Party Lines: Council Approves One Westfield Place Changes

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