Firm Says Caldwell’s Redevelopment Plan Costs $482 Per Homeowner

CALDWELL, NJ — The Caldwell Borough Council heard a presentation from its forensic audit accountant, Lerch, Vinci and Bliss LLP, at their meeting last week. Watch the video online here (the presentation begins around the 31-minute mark).

According to Julius Consoni, a partner at Lerch, Vinci and Bliss, the firm was asked by the borough to carry out a forensic audit of the town’s redevelopment plan – and the costs associated with it.

In 2018, the borough council designated some properties – mostly along the commercial downtown area along Bloomfield Avenue – as an “area in need of redevelopment.” Two years later, the borough approved the Downtown Caldwell Redevelopment Plan, which was later amended in 2021.

One of the primary goals was to upgrade the town’s municipal buildings, including Borough Hall, the public library, the police department, the community center, the health and human services facility, and parking facilities.

The borough authorized $29.41 million to make the improvements through various capital ordinances. About $10.23 million has been paid out as of Aug. 7, and $2.32 million is already committed, Consoni said.

The total bonded redevelopment debt issued comes to $25.62 million – an average cost of about $482 per year for a local homeowner’s property taxes.

Lerch, Vinci and Bliss is expected to present further findings at a future meeting.

• See Related: Caldwell Debates Nixing Tax Breaks For Developers, Homeowners

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