BOROUGH OF PROSPECT PARK RECOMMENDED AS AN OPPORTUNITY ZONE BY GOVERNOR PHILIP MURPHY

(PROSPECT PARK) – Mayor Mohamed T. Khairullah recently announced that Governor Phil Murphy nominated areas of Prospect Park as Qualified Opportunity Zones, effectively paving the way for large-scale private investment within the Borough.

According to the United States Treasury, the new Tax Cuts and Jobs Act of 2017 established Opportunity Zones to spur private investment in distressed communities throughout the country. The newly created Opportunity Zones in low-income census tracts offer capital gains deferrals for companies and individuals that invest in designated high poverty neighborhoods.

“The revitalization of Prospect Park is the cornerstone of my administration’s agenda,” said Khairullah. “We thank Governor Murphy for taking into consideration the needs of Prospect Park’s residents as we gear to kick off one of the biggest development projects in Northern New Jersey. As a federally designated Opportunity Zone, the benefits to the tax payers in terms of increased property value and tax stabilization will be immeasurable.”

The largest area of the Borough that could benefit from being designated an Opportunity Zone is the 78-acre former Tilcon rock quarry. Khairullah said he envisions a sustainable, mixed-use residential, retail, and civic complex built on the site in accordance with The Prospect Park Quarry Redevelopment Plan that was signed into Ordonnance on June 26, 2017.

“The Opportunity Zone designation should make it easier for the current property owners to acquire the capital necessary to design and build a new downtown shopping and recreational district in the center of our town,” said Khariullah.

“Early stages of the reclamation of the quarry have commenced,” said Amanda Jankelovics, spokesperson for P.Park Development, LLC. “And, while much work remains to bring the project to fruition, this is an important boost fort the project ‘Quarea’. Being a federally designated Opportunity Zone is a game changer for Prospect Park. Guaranteed investment of private equity is the key to sustaining a multi-year, multi-phased redevelopment project. We are pleased to work with the Mayor and help make his vision a reality and we are eager to move forward with our efforts.”

Formal designation of Prospect Park’s Opportunity Zone is expected to be announced later this year after formal ratification from the Treasury Secretary.

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