Green Jersey

On West Orange’s proposed $29 million bond for new condos

Is it environmentally or financially sound in this economy for West Orange to add more than 600 condos to its downtown in an ambitious redevelopment project – and issue a bond to help fund the project?

Last weekend, Star-Ledger columnist Paul Mulshine explored the “financially sound” part and decided no, it’s not – especially considering the tax abatements being offered on the housing, which will be mostly upscale. Luxury condos right now are a tough sell.

Today, we look at the big-picture environmental impact: If a condo project starts and can’t be completed — or is completed and the units don’t sell — that’s a lot of resources wasted.

Even so, the West Orange township committee will decide next month whether to bond for $29 million to be used on the project, which does also include some retail space and parking along with the housing. About half of the payments-in-lieu-of-taxes made will go to pay back the bond, Mulshine points out, leaving very little for local schools.

This, of course, is the best-case scenario. What also could happen is the project could fail – not unlikely in this economy – leaving taxpayers with a mess. The bond is scheduled for a committee vote Sept. 15.

More: Even Edison couldn’t invent a reason to stay in Jersey (Star-Ledger)

West Orange plans to bond $29 million for downtown plan (Star-Ledger)