Labrosse Team Projects Nearly $15 Million in New City Tax Revenue from Redevelopment Plan by 2024
The city’s ambitious Downtown Redevelopment plan backed by the Labrosse Team will generate nearly $15 million in new annual tax revenue by the year 2024, according to a projection released by the campaign. Coupled with new budget controls instituted by the Labrosse Team that are keeping spending in check, the new revenue means Hackensack taxpayers can expect lower property taxes in just a few short years when more redevelopment projects begin leasing and paying into city coffers.
“Hackensack is on the verge of not only seeing Main Street revitalized and transformed into the best downtown in Bergen County, but of generating enough revenue to cut property taxes for years to come,” said Deputy Mayor Kathleen Canestrino. “This is the result of the strong fiscal controls the Labrosse Team put into place and the tax incentive programs we are using to make our city attractive to development, and the result will be lower taxes and rents for all current residents.”
The projected revenue takes into account development projects that are in various stages of negotiation and discussion, including several that are already open or are under construction. The Labrosse Team has instituted several strategies for attracting new development with a goal of increasing revenue, including issuing tax abatements and incentives, creating dedicated redevelopment areas and streamlining the approval process.
Attached is a graph showing the projected revenue from redevelopment over the next seven years, with a table below showing projected revenue per year:
|Year||Projected Annual Redevelopment Revenue|