The Borough of Carteret Signs $100 Million Dollar Redevelopment Agreement with P.C. Richard

Carteret, NJ – Mayor Daniel J. Reiman was joined by the Borough Council today for the signing of a $100 million dollar redevelopment agreement with A.J Richard & Sons, Inc. (Parent Company of the P.C. Richard’s Home Electronic Super Center) for Phase I of the West Carteret Minue Street Retail Redevelopment Area.

As part of the redevelopment agreement between the Borough of Carteret and P.C. Richard’s, a market leader in appliance and electronic sales will construct of a 33,000 sq. ft. P. C. Richard & Sons retail and clearance superstore on Minue Street, fronting the New Jersey Turnpike. The retail and clearance superstore is planned to open in the fall 2010. P. C. Richard & Son is a family-owned and operated retailer since 1909, with 98 years of “honesty, integrity and reliability”. PC Richard & Son is known for superior service before, during and after the sale.

In addition to the new Carteret retail and clearance superstore, fifteen (15) acres of existing light industrial space will be converted into office and warehouse/distribution space for PC Richard & Son’s operations. The property conversion and development will call for the Acquisition and remolding of a 330,000 sq. ft. warehouse, distribution facility and the construction of a 20,000 sq. ft. office building. “The Borough welcomes such a well established company that will provide over $15 million in “union” construction jobs,” said Mayor Dan Reiman. “The new retail, office and warehouse/distribution operation will create job opportunities for Carteret residents. P.C. Richard & Sons is committed to participate in local Carteret job fairs and to advertise locally for all job openings,” said Council President Joseph Sitarz.

“The Carteret (UEZ) Urban Enterprise Program certification will provide P. C. Richard & Sons with state tax benefits and employment incentives. P.C. Richard & Sons retail operations will benefit from the reduced sales tax rate of 3 ½ %, a savings for consumers on all retail sales,” according to Kathy Shaw, UEZ Director and Coordinator. Reduced sales tax provides a competitive edge for attracting customers, along with P.C. Richard & Sons long standing reputation for quality service and dependability. UEZ certification provides tax savings during construction/conversion of the facility for the developer and the business operator. Carteret UEZ welcomes this new commercial retail investment, which will provide new employment opportunities and UEZ reinvestment dollars to Carteret revitalization initiatives.

· ** 330,000 **sq.ft warehouse distribution building to be reopened and remodeled

· **30,000** sq.ft. warehouse addition to be built

· **20,000** sq.ft. office building to be built

· **33,000** sq.ft. retail space. (A P.C. Richards Super Center) to be constructed on light industrial site.

· ** $100 Million dollars** in private investments with $15 million in construction, and new ratables

· The Redevelopment Agreement Guarantees “Union Labor” construction and long term jobs

· Added ratables and UEZ sales dollars for Carteret

· The start of the West Carteret Minue St. retail redevelopment ave.

Mayor Reiman stated, “This investment and the signing of this major redevelopment agreement is the result of months of negotiations. Carteret is fast becoming a vibrant hub of economic activity – with our location, UEZ Benefits, our Business recruitment plan & a Business friendly Administration; this is just the start of some major commercial redevelopment for Carteret. We welcome PC Richards to Carteret and wish them much success in their new retail location. “

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