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Reading Associates Report Final

BID #: N/A
ISSUED: 2/22/2016
DUE: TBD
VALUE: $48.62M
100
Rating

Risk Rank

Green Risk

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Executive Summary

This document presents a fiscal impact analysis of the proposed Meer Tract redevelopment in Bloomingdale Borough, Passaic County, New Jersey, dated February 22, 2016. The project involves expanding quarrying operations from the adjacent Tilcon property and constructing 360 multi-family rental housing units, including 72 affordable units, on a 180-acre tract. The analysis estimates the impact of the development on municipal services, school district, and county services, focusing on tax revenues, costs, and overall fiscal effects. The proposed mixed-use development is projected to generate an aggregate completed value of $48,620,550, with an estimated assessment of $45,042,100. It's expected to result in a municipal revenue surplus of $289,750 and a school district revenue surplus of $509,430. The "market" components (expanded quarry and 288 "market" housing units) are estimated to generate an annual tax revenue surplus of $1,203,630, which offsets the revenue deficits of the 72 "affordable" housing units ($276,440), resulting in an overall revenue surplus of $927,190. The expansion would also create 408 construction-related jobs and, once completed, 10 permanent jobs and 360 households.

Detailed Risk Breakdown

local preference

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Timeline

First Discovered

Apr 1, 2026

Last Info Update

Apr 1, 2026

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Reading Associates Report Final — Demarest | MuniBidder