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Lease Agreements will Help Redevelop Area Around Bay Street Station

NEWARK, NJ, October 8, 2003 – As part of Governor James E. McGreevey’s “Smart Growth” initiatives, the NJ TRANSIT Board of Directors today authorized two long-term lease agreements with the Township of Montclair to redevelop property adjacent to the Montclair-Boonton Line’s Bay Street Station.

The agreements will result in expanded commuter parking and a significant transit-oriented development project for the community that is benefiting from the Corporation’s new MidTOWN DIRECT – Montclair service.

“These agreements affirm Governor McGreevey’s commitment to “Smart Growth” and, when used properly, the initiatives can increase economic development for a community such as Montclair,” said NJ TRANSIT Board Chairman and State Transportation Commissioner Jack Lettiere. “The increase in commuter parking spaces near the station also falls in line with the Governor’s push to increase parking along our transportation corridors.”

“Montclair is turning to transit-oriented development, combining the redevelopment of town centers with the desire to provide residents with an alternative to the automobile,” said NJ TRANSIT Executive Director George D. Warrington. “These lease agreements will help Montclair’s planning efforts to attract new residents, generate additional tax revenue for the community, and help our commuters with additional parking, which is needed throughout our transit system.”

The first agreement allows Montclair to sublease property to Lincoln Montclair Urban Renewal LLC to construct a 160-unit apartment building along with 160 residential parking spaces and a daycare center. The second agreement will support the construction of a 225-space rail commuter parking deck in which NJ TRANSIT will contribute $2.5 million toward its construction. Both lease agreements are for 99 years and NJ TRANSIT will charge $1 in rent per year.