The Central New Jersey Home News from New Brunswick, New Jersey on February 5, 1978 · 61
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The Central New Jersey Home News from New Brunswick, New Jersey · 61

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Location:
New Brunswick, New Jersey
Issue Date:
Sunday, February 5, 1978
Page:
61
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SUNDAY, FEBRUARY 5. 1978 Hrj&Kews C13 PROGRESS '78 Metuchen senior citizens housing project under way MtriCHEN Ask a senior citizen here what kind of progress has been made in the borough this past year, and the individual will assuredly point to a cleared piece of land on Lincoln Avenue. The site will be the home of a 122-unit senior citizens housing project which, after a 10-year effort, is finally becoming a reality. Groundbreaking was in October and the project is expected to be completed within 8-17 months. The $4.2 million project will be funded by the sale of bonds marketed by the federal Housing Finance Agency. Residents had been promised the bonds for the project would be sold last year, but the U.S. Department of Housing and Urban Development subsequently cut off the funds, stalling the project temporarily. This past year borough residents have been able to point to other signs of progress around them. A townhouse development, Ironrate. which was begun last year has brought in extra tax dollars, according to Eleanor Brennan, borough clerk and treasurer. The construction of 45 condominiums off of Woodbridge Avenue was a 52. 7 million project. Because of the new development, she said, the total value of taxable land and improvements went up from last year's assessment by over $400,000. The 1977 assessment of taxable land and improvements was S190.375.699. Mrs. Brennan said the borough can look forward to the addition of taxes from another residential development. Stonegate. across the way from Iron-gate. "That would show up in the 1978 assessment," she pointed out. Stonegate is a development of 10 residential homes, which will sell between $55,000 and S75.000. according to Mayor Donald Wernik. He said the project would take about three years to complete. With the completion of both the residential developments, the mayor noted Metuchen would be 90 percent residential developed. The borough also has a S2-million renovation plan in the works for the old Penn Central depot. The station was recently listed as a national historic landmark which could delay the plans, but olficials hope to go out to bid soon and begin construction shortlv thereafter The federal government will bear half the cost of the project, while the borough will pay about $250,000 and the state the balance Grant money is expected to help with the development of two neighborhood parks. A 1.8-aere park at Give and Christol streets will be funded by a Green Acres grant of $37,000. with the borough bearing $53,000 of the cos' The borough has also applied for another Green Acres grdnt of $42 000 to help develop the proposed Kentnor Street Park The grant would be matched by the borough in an effort to have the park readv in spring Courts for basketball, handball and boccie bail are to be included in the 2 7-acre park A total of $391,000 from various funding resource also helped rebuild some borough streets and give some others a facelift fog n' 7f fi PROJECT COMPLETED The Prudential Insurance Co.'s Eastern Operation Home Office added $4 million to the borough assessments last year, but few projects of its size are expected in the future. Development slows in South Plainfield SOUTH PLAINFIELD - Bolstered by a revaluation of property throughout the borough, South Plainfield's total assessed valuation showed an unusual jump from $316,668,000 in 1976 to $517,943,900 in 1977, but the growth of industrials in the town lagged behind. After a four-year high of $6,855,300 in added industrial ratables last year, the borough dropped to a four-year low of $2,878,800 in 1977, according to Catherine Santaniello, tax assessor. Industrial growth in 1974 was $4,361,800 and in 1975 was $3,076,100 in 1975, she said. "We're pretty saturated with industry, and we're not going to have the big ones coming in like we did," said Mrs. Santaniello, explaining the decrease in industrial growth. Last year, for instance, saw the finish of the giant Prudential Insurance facility, which added $4 million to the borough's valuation, the tax assessor said. Most of the activity now, she predicted, will come tirough expansions of existing compa-nes. Moving In tandem with the slump in industrial growth, the total new growth in the borough totaled $5,581,900, Mrs. Santaniello said. However, the borough's total assessed valuation was buoyed by a change from previous assessment procedures. The change pushed assessments up from 69 percent of the market value of the a property to 100 percent of market value, Mrs. Santaniello explained. Meanwhile, the borough granted 1,-407 permits during the first 11 months of 1977, said John Graf, construction official. About 30 of those were for new and expanded industrial buildings valued at $1,294,438, while another 15 permits were granted for business construction totaling $993,925. Graf said. Single-family homes accounted for 65 of the permits, with a construction value of $1,858,000, Graf said. Other permits were granted for such things as kiosks (four, valued at $24,000), swimming pools (11), and demolition of a barn, a house, a pool and a railroad station. Gas supplies ;! cited by firm Improved pipeline supplies of natural gas plus increased storage capabilities have given Elizabeth-town Gas the capability of meeting the needs of its existing customers as well as accepting new hookups, according to the firm's president. John Kean. "This, together with gas made available through attntional losses and conservation, makes our supply outlook for '78 and the near future more optimistic than it has been in recent years." Kean said. The company's improved supply picture also led to Commissioner of Energy Joel R. Jacobson's recommendation to the Board of Public Utilities that Eliza- bcthtown be allowed to immediately accept new industrial customers, with ngw residential hookups being permitted as of March 1 Jacobson's recommendation has since received the board's approval The company had indicated earlier that because of losses from declining sales due to fewer customers and conservation measures it was considering applying to the utilities board for a rate increase. The approval to take on new customers may not necessarily forestall the petition for a rate increase but it will lessen the amount requested, according to Joseph P Coughlin. Elizabethtown's treasurer. "Any improvement in oar sales picture will tend to reduce the amount which otherwise might be requested." Cinitihlin said Cnughlin said although the company sold approxi-mately 1 7 billion cubic feet more gas in fiscal '77 than it did m the previous year, income was down $350,000 due to increased operating costs. "Earnings will be down even further in 1978 because of anticipated increases in operating costs. Last year's extremely cold weather coming after a preceding abnormally mild winter was responsible for the increase in the volume of gas sold." he said. He noted that of the 7 percent increase in volume sold last year. 61 percent was to heating customers. Elizabethtown serves approximately 183,000 residential, industrial and commercial customers in portions of Union. Middlesex. Sussex. Warren. Mercer. Hunterdon and Morris counties. MAi SOMERSET COUNTY VOCATIONAL-TECHNICAL SCHOOLS BRIDGEWATER, N.J. Providing Business and Industry With Skilled People Somerset County Vocational-Technical High School jto Bod Reoar Eiect'ocs ej-.: Somerset County Technical Institute ; : ve lecrrvj s Secetjr . :ti;.p Ted" Diesel Technology Electronics Senses AsSS'j- Ucensea i.rCoo A-coitec Uo,n A-ea v'j A j 1 0 Be; Auto Me Pr Adult Continuing Education jnrj CO-'.Cb Beatitv Cj'ture "erK3! Ce'i'jr D ee; FCC 2-: Class Ope'atOfS Pre.rj FOR INFORMATION, CALL 526-8900 SELLING OR BUYING? FOR ( BW s 246-3000 JsW "II".,. , "O-N tm -4L k: P VVT ASSETS rSX) Mortgage Loans CL'st.nd r.s 1 .ad aid Bdiio;ng ''e' V, a it-lira t wim i($ Ikshioi (o love jour nei WMTt was a great year in' Somerset County because we welcomed lots of new good neighbors. We love our new neignbors because they're attracting other good neighbors. Somerset County continued in 1 977 to live up to its reputation as New Jersey's blue chip county. Among the names on the 1977 roster of new good neighbors are AT&T Corporate Headquarters in Basking Ridge, AT&T Long Lines in Bedminsterand the First National Bank of Central Jersey in Bridgewater. And then there are Exxon and Ronson, Thomas & Betts. Allstate Life Insurance Company, Marriott and Supermarkets General. The list goes on and on and on It's safe to say that any of these new good neighbors will repeat what we suggested to them in the beginning. To wit: Somerset County is New Jersey's prime location for business and for living the good life. Qnmprc.pt Cnimtvl 80ARD F aunibibKi wuiuyCH0SN FREHBlDRS Oi Thorn t Mapgio WananO Navlni Vanton K Not) la MfchMl J Caponia of Condition December 31, 1976 DecembeW7 LIABILITIES AND RESERVES Members ;a.;o.,s Loans in Pno Escpo.v Fa"a-Aivances-bao- "Advances -''.! ?,i vz :oe F.-.i"-e Aoe-o, Ot'ier Lijhi.i! es and Rese'.es :.:;nc'CtS Reserves c, 2 . 2-10. CO -co, 4.-- lomaftat Counry OMIta ot Iconwntc Drratopman o I o 7ZX k OFFICERS OF THE BOARD OFFICERS DIRECTORS DIRECTOR EMERITUS ATTORNEY LAWRENCE BROOK SAVINGS AND LOAN ASSOCIATION HOURS: Mnda: ttuoush Fnda; AM to 4 P V, Thutsl.- Lvemns h P M hSpM 'fegjV Sit-ifl-iy 9 AM to 12 mi A-lVmWS a-! c . 1905 Route 33 CmWml7 NOr!, a'n Hamilton Square YfS 609-890-1333 ,,,, CiU s s r- 1

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