Bergen County Real Estate News: August 2006 – Week 2

Bergen county news with an emphasis on aspects affecting real estate, residency and community issues.

Little Ferry grows up
Condos in Fort Lee face lack of utilities
Public housing receives a face lift
Towns in Bergen County receive funding
Project in Edgewater in for changes

Little Ferry grows up

Residents of Bergen County are in for a pleasant surprise, as a new eight-story waterfront tower becomes a star attraction in their neighborhood at Little Ferry. This huge project is slated to be the tallest and most modernized building ever constructed by the borough. The 367,000 square foot high construction would comprise of a 135-room hotel, 138 condominiums, eateries and stores and would help to save much in tax for the Bergen County borough. 700 parking spaces that would mainly be located underground have also been proposed. The proposal also holds an offer to donate the borough a walkway and parkland along the Hackensack River. It is also being estimated that the new building would fetch $2million to $6 million in tax revenues. While formal considerations on the project are underway by borough officials, zoning officials have also officially begun their hearings on the project.

Condos in Fort Lee face lack of utilities

Over hundred families in Bergen County’s Fort Lee, were displaced on Monday, July 24, 2006, as a water line break disrupted utility services in over 100 condominiums situated in the North Central Road condo complex. The break occurred on Saturday morning in one of the three five-story buildings in the Central Court Complex. Most of the residents evacuated when they came to know that power had to be cut. While many residents of the complex in Fort Lee opted to stay in hotels, many decided to stay put in their homes without any utilities. A private security firm from Fort Lee has however been hired to watch over the condos while the power is out.

Public housing receives a face lift

Public housing in North Jersey is receiving a makeover as many buildings now get new kitchens, units for heating-and-air-conditioning and also new security cameras. This is being done as part of a program where $2.2 billion has been awarded to agencies across the nation. The funds would be distributed annually by theU.S. Department of Housing and Urban Development for developing new housing and improving the public housing projects that exist. Local public housing officials are making the most of these funds, with repairs being their top priority. Improving exteriors of buildings with replacement of windows and waterproofing is also being done at various places. However statistics reveal that these funds have been reducing over the years. Of the total, Bergen County received $665,511 in 2006, as compared to $750,862 that was awarded in 2005.

Towns in Bergen County receive funding

Twenty towns in Bergen County received additional state aid that will help them to balance their budgets. This state aid summing up to $25.5 million was offered by Trenton to over 106 towns statewide. The majority of the 26 towns come from Bergen County, while the rest are located in Passaic County. Towns in Bergen County that received the funding to offset their municipal taxes include: Englewood with $400,000,Fort Lee at $350,000 Bogotá which received $250,000, Carlstadt at $700,000, Dumont at $500,000, Elmwood Park at $100,000, Garfield at $500,000, Hasbrouck Heights at $150,000, Haworth with $50,000 and Hillsdale $170,000. Besides these, Little Ferry received $200,000, Maywood got $60,000, Moonachie got $175,000, Ridgefield Park received $300,000 and South Hackensack got $100,000 in funding. However this funding, that was announced on Friday, July 28, 2006, only affects municipal budgets. However municipalities can apply for extra state aid to offset their tax levies by outlining the reasons for additional funding.

Project in Edgewater in for changes

The ferry, marina and park project in Edgewater will now undergo changes, as the Bergen County borough council has granted approval to the $1.1 million fund required for the same. While these figures add 17 percent to the cost of construction, many feel that the changes are essential. The major portion of the funds now granted would go into installing a canopy on the walkway that leads to the ferry. This is estimated to cost $850,734, data that received unanimous approval by all present. However it is expected that an additional funding of $200,000 to $300,000 may also be required in change orders for electrical work. The ferry, marina and park project is one that the residents in Edgewater are looking forth too as it would improve transportation for all ferry riders.

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