Bancroft_Basics Facts_2021Apr19_Rev01

If the judge rules in favor of the
plaintiffs (HERD, in effect), the developer
will have to redesign the project to comply
with the original redevelopment plan – up
to 70 townhomes or up to 140 flats (plus
the required number of affordable units).
If the developer decides that the project
is no longer feasible, he can notify the
Borough that he wishes to withdraw.
Under the terms of his agreement with the
Borough, he is entitled to request a “walkaway”
payment of $600,000.
[SIDE NOTE: Several years ago, former
Commissioner John Moscatelli said that
if Brian O’Neill (the developer) told the
Borough he wanted to pull out of the deal,
“I’d sign the check tomorrow.”]