The Morris Broad Crossroads, formerly called “Broad Street West,” has been zoned to create a “Summit-sized” neighborhood that is a gateway to our town. See illustration below. The Crossroads is a valuable and irreplaceable taxpayer-owned asset, and, when sold for development, will produce immediate and ongoing financial and community benefits. SO WHY IS THE SALE OF THIS SITE ON HOLD???

  • When Sold, the Financial Benefits to Taxpayers Are: ~$5.4 million sales proceeds to pay off City debt ‍

  • ~$700K annually in new tax retables for the City, earned in perpetuity to keep our taxes low

  • ~$300K annually in parking fees, paid in perpetuity to the City Parking Agency for public parking spaces, to keep our taxes low

  • When Sold, the Community Benefits Are: Multifamily housing including affordable housing approved by the Courts for Summit’s Round 4 obligation

  • Large green space along Broad Street, providing a place to meet and pedestrian connection to St Teresa Memorial Hall, Vito Gallo, the Library, the YMCA and the Village Green

  • Keeping the convenient and much-used public parking (i.e. the Chestnut Ave Lot), and locating it more centrally within the Zone

COST TO TAXPAYERS SO FAR:

• $16.1 million = cost to build new firehouse, cost intended to be recouped by sale &   development of Broad Street West, now the MBC Zone

• $1.725 million = cost to accumulate lots for Broad Street West Zone (MBC Zone)

$1.55 million purchase of 7 Cedar Street (Lot 4) plus $175,000 purchase of Finger Lot (Lot2) =$1.725M

•~$2.1 million = 3 years of lost property tax revenue on the MBC Zone that a taxable development could generate ($700k per year)

• $300k = legal costs for failed Broad Street West project: $100K settlement to Toll Brothers + $200k legal defense fees

$ 20.225 million = SUBTOTAL OF COSTS TO TAXPAYERS SO FAR 

ONGOING COSTS TO TAXPAYERS:

• $5.45 million = one-time loss of expected sale proceeds for MBC Zone when contracted purchaser K&K/Garden Homes withdrew

• $ ???k = ongoing City attorney fees, City planner fees, engineering fees, appraisal fees, City affordable housing attorney fees, K&K lawsuit legal defense fees, cost of  City employees' time, etc.

• $???k = ongoing carrying costs for City-owned property, including maintenance, insurance and administration

•The Morris Broad Crossroads includes affordable housing for Summit's Round 4 obligations, which were approved by the State following the expensive and time-consuming process mandated by Trenton.

 • It is NOT this Council's role to DISMANTLE years' worth of professional legal, planning, architectural and financial work that produced the State-approved MBC Zone.

• It is FISCALLY IRRESPONSIBLE for this Council to not use the MBC Zone for the benefit of Summit residents. Locating a 100% affordable housing development on part of the MBC Zone will cost Summit taxpayers MILLIONS OF DOLLARS and will only benefit non-Summit residents who are chosen to live there by State-wide lottery.

To understand the history of the Morris Broad Crossroads and its predecessor, Broad Street West, read Annette Ricciardi’s excellent piece.

READ WHAT OTHER RESIDENTS ARE SAYING:

Jim Bennett, Stay With the Current Plan for the Zone Containing the Old Fire House Property, TAPinto September 14th, 2026