Officials on both sides of the political aisle appear to support a new court settlement to revive the Golden Triangle project in East Brunswick.
Mayor David Stahl, a Democrat, has expressed his support for the agreement with developer Toll Brothers, and though they might not think it’s perfect, Republican Township Council members said they too support the proposal.
“I’ll be the first to say it is not perfect, but at the same time I am not going to let the perfect [plan] be the enemy of the good,” GOP Councilman Michael Hughes said. “I do think at the end of the day we are going to have a good deal in front of us that is going to help East Brunswick.”
Under the proposed agreement with the Toll Brothers, the Golden Triangle property, bordered by Route 18, Tices Lane and Old Bridge Turnpike, would contain 200 to 400 residential units as well as a large big-box store.
Through a payment-in-lieu-oftaxes (PILOT) program, the township would receive about 95 percent of a minimum $550,000 annual payment from Toll Brothers. The remaining 5 percent would go to the county.
The redevelopment agreement would bring an end to litigation between the township andTollBrothers, which purchased the Golden Triangle property from the township in 2005 for $30 million. The proposed agreement would drop that price to the $22.5 million that Toll Brothers has already paid the township.
The Township Council will need to approve a revised redevelopment plan, financial agreement and redevelopment agreement before the plan can move forward.
Republican Council President Camille Ferraro said that something has to be done with the property to make it a source of income for the township and, as such, a source of tax relief for residents. She complimented Stahl for realizing this and moving forward with the agreement.
“I think he is doing the best that he can, given the circumstances,” Ferraro said.
Ferraro said she liked the fact that this would be a long-term PILOT project that would provide a steady source of income for the township.
“I think it is going to work out OK,” she said. “I think the best thing we can do is get out of court, get out of the litigation and move forward.” As with any project though, Ferraro said she is not without some hesitations. She said she is not totally comfortable working with the current developer because of its track record with the township. Toll Brothers filed suit against East Brunswick in 2009, charging that the town failed to approve site plan and other changes the developer sought to make in response to changing market conditions.
“The partnership consists of elements I am not totally comfortable dealing with,” Ferraro said.
Ferraro said she also worries about added traffic congestion in the area with the creation of a large box store. However, she said this is only a projection.
“It might come to pass, it might work out well,” she said. “I am hopeful that it will and I am supportive of this project.”
Hughes said he too has apprehensions about the agreement, but after being vacant for six years it is important that something gets built on the property. New construction, he said, could have a “domino effect” to help jump-start other new businesses on Route 18.
While some may fret the creation of a new big-box store, Hughes said it could be a major boost for the township.
“I don’t think it is my job to play referee in terms of what comes into town,” Hughes said. “You can have a place where people are actually going to shop. People are going to spend their money here in East Brunswick.”
Stahl said he is grateful for the Township Council’s support on this project, which he said would provide tax revenue and the impetus for business growth on Route 18.
“I am appreciative of the council’s support through this process because every one of us recognizes that this deal is a good deal for East Brunswick,” Stahl said. “It’s good have the council support on a project that is so important to the future of East Brunswick.
Stahl said negotiations will continue between the township and the developer in the coming weeks, and that he will work to keep the public informed as the agreement progresses.
Ferraro said she is seeking public opinion on the matter and wants a complete picture presented to the public before the council votes on any agreement.
“I need their input to make the choices based on what is given to me,” she said.
The next council meeting will be held on June 27 at 8 p.m. at the Jean Walling Civic Center.