PASSAIC, NJ-The Passaic City Council has approved a repayment schedule for a developer who plans to convert a landmark building in the city into a medical arts facility.
The council is seeking to collect taxes owed for 2011 and 2012 totaling $109,448 from Trinity Partners LLC in connection with the project to redevelop 663 Main Ave. The city has invested $4 million to remove debris and asbestos from the property. according to a report in The Record.
Neelendu Bose, the principal investor in Trinity Partners, told the newspaper the project fell behind on its taxes because construction was delayed due to design issues. He added that Trinity Partners has secured adequate financing, approximately $15 million, to complete the project and expects to begin construction soon. See story in The Record.