Hackensack eyes tax breaks on projects downtown
Tuesday January 7, 2014, 11:02 PM
BY HANNAN ADELY
HACKENSACK — The City Council wants to lure developers downtown by offering five-year tax abatements for new projects and improvements.
The council considered a measure Tuesday night that would authorize the city to enter short-term tax relief agreements with developers and residents who build or make improvements in the 39-block Upper Main Street Rehabilitation Area.
The measure, if approved at a second and final vote, would create criteria and a formal process for negotiating agreements. But it would not guarantee abatements for any project, said Brian Nelson, redevelopment attorney for the city.
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