The Brownfield Plan for this development provided the financial resources for cleaning up surface contamination of soil impacted by prior industrial/waste disposal uses. The property was used as an auto salvage yard between 1940s and 1960s, with petroleum, lead, chromium, cadmium, zinc, ethylene glycol and other toxins associated with automotive fluids and residuals that caused additional costs to this residential redevelopment project.
The property consists of 24.21 acres and developed into 110 multifamily housing units operated by Premier Place Condominiums, with all previous hazardous substances remediated to allow this redevelopment to occur. The private investment for this project was $18 million and increased the taxable value by nearly $5.5 million as of 2009. This housing project has created 2 full-time positions as well as over a hundred construction jobs. The County and local taxing jurisdictions will recognize a 20.52% increase in tax revenues in 2011.
Premier Place Condominiums also has plans for continued expansion over the next five years by investing another $18 million into the property for the construction of over 200 units. A projection for 2016 shows this additional $18 million investment will increase the taxable value to roughly $23.7 million. This anticipated investment would lead to even more job creation and result in a 212% increase in taxes collected by local jurisdictions. View a project photo collage (JPG).
This project is now complete with the new tax increases going to all taxing jurisdictions in 2011. As an example, Garfield Township recognized $685.77 in yearly taxes in 2001. Now the Township will recognize $15,448.46 in yearly taxes.