Freehold Borough adopts redevelopment plan for 500 Park Avenue.

BOROUGH OF FREEHOLD
COUNTY OF MONMOUTH
 
#2026/3
 
ORDINANCE OF THE BOROUGH OF FREEHOLD, COUNTY OF MONMOUTH, STATE OF NEW JERSEY ADOPTING THE REDEVELOPMENT PLAN ENTITLED “500 PARK AVENUE REDEVELOPMENT PLAN”
 
WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq. (the “Redevelopment Law”), authorizes municipalities to determine whether certain parcels of land in the municipality constitute “areas in need of redevelopment” and/or “areas in need of rehabilitation,” as such terms are defined in the Redevelopment Law; and
 
WHEREAS, in accordance with the criteria set forth in the Redevelopment Law, the entire Borough of Freehold (the “Borough”) has been designated as area in need of rehabilitation (the “Rehabilitation Area”); and
 
WHEREAS, TG Acquisitions, LLC (the “Developer”) seeks to develop an inclusionary residential development (the “Project”) on certain property located within the Rehabilitation Area at South Street Rear and 171 1/2 South Street (more commonly known as 500 Park Avenue) in the Borough, identified as Block 110, Lots 8 and 8.01 on the Borough's Tax Map, and 171 South Street, identified as Block 110, Lot 7.01 on the Borough's Tax Map (collectively, the “Property”); and
 
WHEREAS, the Property is owned by affiliates of the Developer; and
 
WHEREAS, Beacon Planning (the “Borough Planner”) has prepared a redevelopment plan for the Property entitled, “500 Park Avenue Street Redevelopment Plan”, dated January, 2026 (the “Redevelopment Plan”); and
 
WHEREAS, after due consideration of the Redevelopment Plan at a duly noticed and constituted public meeting held on February 11, 2026 the Planning Board determined the Redevelopment Plan is consistent with the Borough's Master Plan and recommended that the Borough Council adopt the Redevelopment Plan; and
 
WHEREAS, the Borough Council has determined to adopt the Redevelopment Plan in conformity with the Borough's redevelopment objectives.
 
A copy of the ordinance in its entirety along with the redevelopment plan shall be available for public inspection at the office of the Borough Clerk and on the municipal website www.freeholdboroughnj.gov.
 
Offered By: Reich                                              Seconded By: Jordan
 
Roll Call:
Ayes:      DiBenedetto, Friedman, Jordan, Reich, Rogers, Shutzer
Nays:      None
Absent:  None
Abstain: None
 
NOTICE IS HEREBY GIVEN that Ordinance #2026/3 was introduced at a meeting of the Freehold Borough Council in the County of Monmouth, New Jersey, held on February 17, 2026 and passed on first reading and that such Ordinance will be further considered for final passage after public hearing at a meeting of said Mayor and Council to be held at the Municipal Building in said Borough, 30 Mechanic Street, on March 2, 2026 at 6:30 p.m. or at any meeting to which that meeting may be adjourned, at which time all persons who may be interested therein will be given an opportunity to be heard.
 
Traci L. DiBenedetto, Municipal Clerk
($68.64)