The ceramics mill site was selected for redevelopment

The ceramics mill site was selected for redevelopment nearly a decade ago as part of Frenchtown’s overall master plan. Background on Ceramics Mill Site A zoning overlay was adopted that allowed for a higher density of residential housing to encourage redevelopment. The zoning overlay was one component to help encourage private investment to transition the site into residential housing and clean up known contamination. Country Classics at Frenchtown, LLC represents the third (and most invested) developer to pursue this project.

Background on Ceramics Mill Site (continued) Current site is an integral part of the Borough of Frenchtown’s settlement with Fair Share Housing which obligated Frenchtown to a total of 57 affordable housing units. The ceramics mill redevelopment will contribute 17 affordable units to the Borough. What is Affordable Housing? Think local housing opportunities for service industry workers, new teachers, social workers, and police officers for example. Frenchtown is part of Housing Region 3, which includes Hunterdon, Somerset and Middlesex Counties.

Environmental Remediation at the Site Country Classics at Frenchtown, LLC has paid for extensive environmental remediation at the site thus far which is a net benefit to Frenchtown residents. Demolition Costs Paid to Date (including asbestos removal): $680, 798 Site Remediation Costs Paid to Date: $1, 126, 871 Additional Demolition and Future Remediation Costs (Projected): $452, 000 to $602, 800

Ceramics Mill Redevelopment & Contribution to Current Wastewater Treatment Plant Debt Service Current WWTP was designed to accommodate projected housing growth at the site. Lack of redevelopment at the site to date has negatively impacted current sewer rate payers. Development as proposed will generate nearly $300, 000 in sewer connection fees. 111 new sewer rate payers will help offset the existing sewer plant debt load which is a benefit to all existing sewer users.

NJDEP standards required that the new Frenchtown Borough WWTP be designed to handle existing buildout capacity within the Borough. Current Debt Related to the Wastewater Treatment Plant (WWTP) Hilltop Streets Neighborhood River Mills Development Shale Cliff Development Former Ceramics Mill Redevelopment – Now Country Classics at Frenchtown The Borough is currently short by over 120 sewer customers that were expected by this point in time. Current sewer users within the Borough of Frenchtown are now subsidizing the lack of growth that has occurred.

Current Debt Related to the Wastewater Treatment Plant (WWTP) continued. . Loan Issue Balance Current Balance Annual Payment NJEIT Trust Loan $3, 560, 000. 00 $2, 785, 000. 00 $304, 911. 26 NJEIT Funds Loan $3, 442, 740. 00 $2, 430, 169. 45 $202, 514. 11 USDA Loan $2, 633, 000. 00 $2, 428, 394. 31 $113, 484. 00 USDA Supplemental Loan (Begins this year) $434, 000. 00 $17, 960. 00 Totals $10, 069, 740 $8, 077, 563. 76 $638, 869. 37 Current debt balances shown are from the 2019 Frenchtown Borough Annual Financial Statements.