MONTVALE, N.J.—Council President Douglas Arendacs filled in for Mayor Michael Ghassali at the Greater Pascack Valley Chamber of Commerce mayors breakfast Jan. 29, first delivering a positive financial health report capped by mention of $4 million in surplus.
He spoke to new ratables and tax revenue: “While we did lose corporate tenants, we gained at The Shoppes at DePiero Farms; the Wegmans site is almost completely filled, which is great news for smaller business owners and tenants,” he said.
“It seems like every day I’m going out for a ribbon cutting ceremony, which is a pretty cool thing,” he added.
He said Sharp Electronics, KPMG, and Memorial Sloan Kettering have been expanding in Montvale, drawing new business here.
He praised the work of both the Montvale Chamber of Commerce and Ghassali’s Montvale Economic Development and Retention Committee, which is composed of six residents with significant background in sales, finance, and marketing, focused on “fulfilling the needs of Montvale’s corporate tenants while maintaining the integrity and characteristics of the residential community.”
Arendacs said a factor leading to a second year of zero municipal tax increases is Montvale’s commitment to shared services, principally with River Vale, Woodcliff Lake, and Park Ridge.
Montvale settled last year with Fair Share Housing Center, across from The Shoppes At DePiero Farms at the former Mercedes-Benz site. In the works are 308 units, 44 of them credited as affordable.
An additional 60,000 square feet of Class A office space with retail stores, restaurants, and a dine-in theater are due for review at the Planning Board, he said.
“This project is estimated to generate an additional $1.5 million in tax revenue,” Arendacs said.
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