Last minute Lackawanna Plaza financial report shows little net gain for town

​A last minute and long requested financial analysis on the Lackawanna Plaza Plan shows net gain under $300,000 for town.

Although the 300 residential unit plan has 136 with one bedroom, 107 with two bedrooms, 20 with three bedrooms and 37 studios, this report only projects 569 new residents averaging less than 2 per unit.
Considering this and other financial analyses for Montclair developments refer to housing projections for the whole State of New Jersey, many question the validity of projections for Montclair. 

The Council scheduled the potential vote on this Plan tomorrow during Tuesday’s Council meeting and public hearing and residents may have the last chance to voice opinions.  This meeting is scheduled 6-9pm on the town site.

Both land use boards, the Planning Board and the Historic Preservation Commission have reviewed this revised Plan and provided the Council with lengthy reports detailing how it does not meet policy requirements of our Master Plan for land use.  These Boards exist to provide expertise to the Council.

When in 2013 the first draft of this Master Plan became public,  zoning heights in all business districts and around around train stations were almost doubled. This Master Plan was funded by NJ Transit.  Residents were outraged and the zoning was not heightened in business districts but 18 areas in town were designated "areas in need of redevelopment" which allows for development not restricted by zoning.

"Increase ratables” was the justification our previous Mayor Jackson and Council members supporting oversized development gave residents. 

Another previous financial analysis of the Lack Plaza plan completed by the long time town financial advisor, Robert Benecke was reported to also show little value for town finances.  Mr. Benecke resigned days after his report’s finding finally became public in September, after residents and board members persisted with requests to see the report.

More history about town development may be found on www.SaveMontclair.org.  Please forward to concerned residents and come to tomorrow's Council meeting.

Here is the link to this new financial analysis for Lackawanna Plaza.