$30M in tax credits approved for multi-use development

New Jersey– The New Jersey Economic Development Authority provided approval to the city to use $30 million in state tax credits toward a multi-use development. Funding comes from a $130 million tax credit package that the state Legislature awarded the city several years ago. The project will seek to revitalize an area around the city’s train station by constructing housing, offices, retail space and a new parking garage. The site of the project currently contains a 735-space parking garage.

 

The $30 million in tax credits could be used by Paterson Parking Authority for a new 940-space garage along with office space and retail. The mayor’s administration is in the process of crafting other plans, that are due by June 30, for the remaining $100 million in state tax credits. A request for proposals for development of the parking garage and business space is expected soon.