Parking-garage-built-on-the-stream is back in the news!
Group wants redevelopment case reopened. Here’s a little background:
On June 30, a three-judge appellate panel ruled that state law and legal precedent give municipal officials wide discretion to decide if a property should be designated “in need of redevelopment.”
That label gives local governments more freedom than they generally have to shape the financial arrangement and design of a development project.
That was the case with the ongoing Spring Street plan to convert 2.13 acres of borough parking lots into a downtown square with a garage, plaza and two new five-story retail/residential buildings.
The borough is financing the costs for the public portion of the project through a $13.7 million bond. Officials have said that money will be recouped through garage parking fees and annual payments from developer Nassau HKT Urban Renewal Associates on the project’s privately owned two mixed-use buildings.
Concerned Citizens of Princeton have asked Superior Court Judge Linda Feinberg to reopen the case and reverse her March 2003 ruling against them because proof that borough officials misused New Jersey’s local redevelopment law to push the project through without competitive bidding.