Council to Vote on Edison Redevelopment Project Tuesday

The project to redevelop the Edison lot on Main Street is once again taking center stage during the township council meeting this week.

The council will convene Tuesday night at 7 p.m. to decide whether to allow the Edison project to move forward.

The to Prism Capital Partners, LLC, the developer, and the ordinance will be up for second and final reading.

As part of the agreement, the developer will repay 50 percent of the issued bonds to the township, with interest.

Two additional resolutions approving a modification agreement and an infrastructure construction agreement will also be discussed.

A resolution granting a 30-year tax exemption for the developer was approved in February.

The township will instead enter a payment in lieu of taxes (PILOT) agreement with Prism, whereby the developer agrees to pay a reduced amount to the township instead of regularly applied real estate taxes.

The PILOT payments are predicted to be roughly $950,000 in the first stabilized year, according to Eugene Diaz of Prism.

Should all resolutions and ordinances be approved, the developer must still garner approval from the zoning board before proceeding with construction. Construction for Phase I of the project is expected to take 20 months.

units for-rent and 18,500 square feet of retail space in the Edison battery building. It will also include a 635-space parking garage and a Jitney service to both the Orange and South Orange New Jersey Transit train stations.

The meeting will take place at 7 p.m. at located at 75 William Street. To view the resolutions that will be discussed Tuesday, click here.