Carteret, NJ – On Monday November 28th, Mayor Daniel J. Reiman and Investors Bank (formerly Investors Savings Bank) joined for a redevelopment agreement signing ceremony, paving the way for a branch to be constructed at 130 Washington Avenue. The ½ acre plot has been vacant since the 1960’s.
The project is one of many public-private partnerships established during the Reiman administration, providing new conveniences to area residents, while revitalizing vacant or otherwise underutilized properties, and establishing new sources of revenue for the Borough.
The triple net lease has an initial term of 15 years, according to the Carteret Redevelopment Agency, with four five year tenant options. The lease will generate $110,000 per year in revenue for the initial five year period, and with built-in increases will generate $4,412,690 across the life of the agreement.
Investors Bank has announced that its “community oriented” banking services will include insurance, trust, guaranty, safe deposit, electronic banking and automatic teller machine banking, and investment or securities business.
The project will replace the Investors Bank located in the Borough Finance Building in Carteret. In 2010, Mayor Reiman announced that a contract to lease a portion of the municipal finance building was awarded to Investors Savings Bank. According to the agreement, the Borough receives $30,000 a year in lease payments from the corporate bank, which offers its financial services from offices at the Borough’s Finance Office.
“We are pleased to announce that Investors Bank will continue to grow with Carteret, and that it has foreseen the mutual benefits to their business and the Borough,” Mayor Reiman said. “The conveniences that will become available to our residents, and the potential benefits to the community are clear – we had a substantially underutilized commercial property, and the opportunity to further expand our commercial tax base, establishing a true win-win scenario for the Washington Avenue Redevelopment Area and Carteret as a whole.”
Mayor Reiman has announced that a Project Labor Agreement (PLA) will be used for all aspects of construction, according to the lease agreement. Investors Bank will be responsible for both the design and the construction of the new branch.