UPDATED: July 15, 2012
FOR IMMEDIATE RELEASE: July 10, 2012
Contact: John Nalbone (609) 273-4140
Township Council Unanimously Approves Ordinance For
1 Million Square Foot Building in Matrix Business Park
ROBBINSVILLE, N.J. – On Thursday July 12, 2012, Township Council unanimously approved an ordinance authorizing the execution of a Financial Agreement for Long Term Tax Incentive between the Township of Robbinsville and Matrix 7A Urban Renewal LLC.
The proposed project is consistent with the goals of the Redevelopment Plan and will:
· Generate an estimated $13.755 million in total revenue for The Township over a 20-year period (2013-2032).
· Create construction and permanent job opportunities.
· Redevelop a contaminated and underutilized section of the business park.
· Promote regional recognition of the Township with the addition of a one million-plus square foot building.
· Generate approximately $4 million in tax revenue for the Robbinsville Township School District over the next 20 years from the fully assessed land.
“There has been no activity on this parcel since the Matrix General Development Plan was approved 10 years ago, and there is no reason to believe that development will proceed in the next 10 to 20 years without the proposed tax incentive,’’ Mayor Fried said. “Matrix has agreed to proceed with development of the site on speculation if the long-term incentive is approved. I truly believe this will be a huge win for the Township.’’
Director of Economic and Community Development Tim McGough was instrumental in orchestrating the proposed redevelopment of the environmentally contaminated and underutilized section of the Matrix Business Park at 7A.
“Since working on designating the redevelopment area, we have been contacted by many interested parties to develop in the area,’’ Mr. McGough said. “A new 350,000 square foot building recently began construction, and now we have a commitment to build another 1 million square foot building. The Redevelopment Plan has accomplished exactly what we intended: a great deal of economic activity for Robbinsville Township.’’