During the executive session, the agency’s legal counsel briefed the commissioners on the details of the case. The verdict, which came in at $26 million, was described as higher than anticipated. The redevelopment agency is currently evaluating the possibility of an appeal or other legal actions to amend the verdict. The judgment has not yet been officially entered, and the property owner’s attorney will be submitting a proposed judgment for review. The agency’s legal team will also be meeting with the developers and the borough attorney to discuss the financial viability of the redevelopment project in light of the verdict.

The agency also discussed its budget for the upcoming fiscal year. The Department of Community Affairs (DCA) required the agency to re-adopt its 2024 budget to align with a specific filing sequence. The budget, initially adopted in December of last year, remains unchanged and totals $482,000. This budget is based on anticipated expenditures and is fully covered by the redevelopers’ escrow. The re-adoption was procedural, as the DCA had no substantive issues with it.

The meeting also addressed routine matters such as bills and claims, with the agency approving expenditures totaling $1,439.55 for the month. No new correspondence was reported, and there was no old business to discuss.

In terms of public engagement, the meeting opened the floor for questions about the budget and the recent trial verdict. However, no public questions were raised.

The next agency meeting is scheduled for October 22, deviating from the usual third Tuesday of the month to accommodate other municipal meetings.