A proposal to transform the former Universal Chain factory site at 92 Burnett Avenue into a large rental apartment complex took another significant step.
In a 4-to-1 vote, the Maplewood Township Committee agreed on Tuesday to grant owner Elite Properties a 30-year tax exemption on paying the full property tax rate for the apartment complex. Instead, township officials authorized a payment in lieu of taxes, an annual service charge of about 2 percent of the cost of the total project.
The agreement was intended to make the project more financially feasible and to draw support from potential investors, Mayor Victor DeLuca and Elite Properties General Counsel David Checchio said in an interview on Wednesday.
