Recently there has been confusion about the amount that has been spent to-date on the redevelopment area activities. Since the Redevelopment Plan was approved in 2006, the total amount of expenditures on redevelopment is currently $779,560.99. As development takes place in the redevelopment area, approved projects will pay a fee to the Township to reimburse our initial costs and provide more funding for future redevelopment activities.
So far grants, redevelopment developer fees, and reimbursement of costs from the West Windsor Parking Authority total $109,582.48. In the negotiated settlement with InterCap Holdings, the developer’s fee will be $683,000. This will translate into a net gain from our initial investment of $13,021.49. This does not include the developer fees the Township will realize from other projects such as the Ellsworth Center development and possible additional projects within the designated 350-acre redevelopment area.
I hope that this clarifies redevelopment funding.
M. Patricia Ward
Director,
Community Development
