During the meeting, a resident raised concerns about the property sale price compared to its estimated worth in 2015. The resident calculated that the value should be approximately $7.22 million, considering inflation and cost of living increases, and argued that the borough was not securing a fair deal. This led to a debate over whether the borough was adequately protecting taxpayers’ interests. In response, a council member pointed out that the property had been considered unbuildable in the past, requiring substantial investment from any potential developer to make it viable. This historical context was used to explain the decreased valuation and justify the current sale price.

The discussion further delved into how the proceeds from the sale would address Bloomingdale’s $17 million debt. The resident expressed skepticism about the financial benefits of the deal, particularly in light of a proposed Payment In Lieu Of Taxes (PILOT) program that was projected to yield $1.9 million, as opposed to the $1.826 million expected in 2015. The council member acknowledged the borough’s financial pressures and emphasized the need to generate new tax revenue through development to alleviate residents’ tax burdens. They also highlighted plans to address infrastructure issues, particularly flooding problems, using funds from the development.

The council also explored infrastructure concerns linked to the redevelopment plan, including the management of flooding issues due to outdated drainage systems. Efforts to secure grants to tackle these problems were mentioned.

In terms of redevelopment, the council discussed plans for an industrial park on the property, which could include a hotel. The potential benefits of such developments were acknowledged, though concerns were raised about competition with existing businesses on Main Street. The council also addressed environmental concerns, like protecting nesting ducks in the Van Dam area, and the challenges of financing senior affordable housing in North Jersey.

Public comments further emphasized apprehensions about competition from new businesses potentially impacting existing ones. Concerns were raised about the potential for a hotel to include various retail options that could compete with local businesses. However, it was noted that competition could lead to improved products and services for consumers.

The meeting also focused on a proposed ordinance amending the Mir Track redevelopment plan. Discussion centered around permitted uses within mixed-use buildings, with particular attention to electronics stores and the potential for contamination from battery sales. The council clarified that while electronics stores might sell batteries, they would not serve as battery storage facilities, and any retail service would need to comply with existing regulations.

As the meeting concluded, council members reflected on the broader development process and the challenges involved in negotiating with developers. The importance of securing a signed contract was emphasized, as it would ensure any amendments to the redevelopment plan were contingent upon a formal agreement. The council underscored the need to maintain momentum in negotiations to achieve desired outcomes for the borough.