Borough to lease finance building to commercial bank

Carteret, NJ – In the first local ordinance of the new year, Mayor Dan Reiman and the Carteret Borough Council have authorized the lease of a portion of the town’s municipal tax office for use by a commercial bank. The town is currently in the process of preparing bid documents for distribution to interested financial institutions.


According to Mayor Reiman, the Memorial Municipal Annex was first constructed for use as a bank in the 1934, subsequently housing Carteret Savings & Loans and then United County Trust, until the latter was bought out by a larger corporation. The property and structure were then purchased by the Borough and in 1997 opened for public use as the Municipal Tax Office, housing offices for property and sewer tax collection, Accounts Payable and Receivable, the Tax Assessor, Tax Collector, and Chief Financial Officer, all of which had formerly been located in Borough Hall.


The Mayor and Council anticipate a 1-2 year “trial” lease of 600-700 square feet to the lowest bidder, generating an anticipated $25k in revenue a year. Mayor Reiman has stated that the town’s vision for the agreement includes enough office space for 4-5 employees with 2 teller windows, a management area, and an ATM machine.


“To our knowledge this will be the first such agreement between a municipal government and a commercial financial institution in the state,” Mayor Reiman said. “The inevitable benefits to the community were clear – we had substantial unutilized space in a structure intended for use as a bank, and the opportunity to further expand our commercial tax base. Having a financial institution and our tax services under the single roof will prove immensely convenient for Carteret residents.”

While a bid period has not officially been announced, Borough officials plan to begin the process in February, after the final approval of the ordinance.

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