Cigna Update - Public Hearing on Proposed New Settlement
Special Meeting to Be Held on Thursday, August 24
A public hearing has been scheduled at a Special Meeting of the Mayor and Council for Thursday, August 24, 2023, at 7:00 pm, in the Multipurpose Room, at the Franklin Avenue Middle School, located at 755 Franklin Avenue, in Franklin Lakes. The public hearing will be for the purpose of discussing proposed settlements for the development of the Cigna property between the Borough and SHG Franklin Lakes, LLC (“SHG”), and between the Borough and Fair Share Housing Center.
The primary terms of the proposed settlement agreements are as follows:
The “fairness hearing” on the proposed settlement has been re-scheduled from August 24 to October 24, 2023. This hearing before the Superior Court will assess whether the proposed settlement agreement is fair and reasonable to the region’s very low, low, and moderate income households. Additional details will be provided on the fairness hearing in the next week or so.
At the August 24 public hearing, the public will be given an opportunity to provide comments and ask questions about the proposed settlement.
A public hearing has been scheduled at a Special Meeting of the Mayor and Council for Thursday, August 24, 2023, at 7:00 pm, in the Multipurpose Room, at the Franklin Avenue Middle School, located at 755 Franklin Avenue, in Franklin Lakes. The public hearing will be for the purpose of discussing proposed settlements for the development of the Cigna property between the Borough and SHG Franklin Lakes, LLC (“SHG”), and between the Borough and Fair Share Housing Center.
The primary terms of the proposed settlement agreements are as follows:
- The construction of 495 multi-family housing units by SHG, which would include 62 units of affordable housing;
- The construction of 70,000 square feet of retail and office development by SHG;
- The transfer of 3.5 acres of property by SHG to the Borough for the construction of 65 units which will produce 71 affordable housing credits; and
- Allowing for the construction by SHG of a “federal use” in lieu of 245 (of the 495) multi-family housing units – under this alternative, the site would be developed with a federal use, which would not be a warehouse use, and 250 multi-family units, in addition to the Borough’s 71 affordable housing credits.
The “fairness hearing” on the proposed settlement has been re-scheduled from August 24 to October 24, 2023. This hearing before the Superior Court will assess whether the proposed settlement agreement is fair and reasonable to the region’s very low, low, and moderate income households. Additional details will be provided on the fairness hearing in the next week or so.
At the August 24 public hearing, the public will be given an opportunity to provide comments and ask questions about the proposed settlement.