Bloomfield opinion: Lion Gate
“Here in Bloomfield, the Township Council is considering the use of eminent domain for the Lion Gate property.
The property is currently owned by a private developer and is being planned for 104 townhouses, which have the potential to bring at least $1 million in property tax revenue.
While most towns that take private property through eminent domain claim that they will use it for economic development, the opposite is true for the Lion Gate property. Only in Bloomfield would we have a council considering taking a property off the tax rolls and consider putting the entire town on the hook for $10 million to $15 million, which is the potential cost of the property if the town wanted to purchase it outright.
– See more at: http://www.northjersey.com/news/environment/local_environment/242702961_Bloomfield_opinion__Lion_Gate.html#sthash.bUfxR4bJ.dpuf”
Penna, Sue Ann. NorthJersey.com 30 January 2014.