State Authority Approves Potential Redevelopment of Former Taxation Building in the Heart of Downtown Trenton by TerraCycle US
TRENTON, N.J. – Mayor W. Reed Gusciora issued the following statement today after the Capital City Redevelopment Corporation (CCRC) voted to issue a Notice to Award the Sale of the former State Division of Taxation building to TerraCycle US, LLC and proceed with the negotiation of a Purchase and Sale and Redevelopment Agreement (PSARA).
"I'm gratified that the CCRC took the initial step to seek new owners for the Taxation Building. And I'm especially pleased to see that TerraCycle would be keeping their operations in Trenton and moving their headquarters downtown," said Mayor Gusciora. "I'm hopeful for a successful negotiation that will begin to draw on the untapped potential of our downtown area."
In November, the CCRC, on behalf of the Treasury Department, issued a Request for Offers to Purchase and Redevelop (RFOTP) the former Taxation building, a prominent 10-story building located at 50 Barrack Street in the heart of downtown Trenton. TerraCycle, a global innovator in green business, submitted a responsive proposal meeting all the criteria outlined in the RFOTP. The company got its start in Trenton nearly 20 years ago and today operates in over 21 countries across the Americas, Europe and Asia Pacific.
State Treasurer Elizabeth Maher Muoio issued the following statement.
“We’re very pleased that the request for offers produced a proposal that holds tremendous potential for the future of our capital city – from a company with Trenton roots, no less,” said Treasurer Muoio. “We’re excited to see the next steps unfold in the process as we aim to redevelop this property in the heart of downtown Trenton. Should this sale become final, it has the potential to play a key role in Trenton’s rebirth with the many new jobs, ratables, and ancillary activity it will potentially generate for the city.”
The Treasurer noted that a number of steps must still be taken before negotiations can commence and the sale can be finalized. Governor Phil Murphy must now approve or veto CCRC’s board minutes before the board’s action is final. Treasury must consent to the disposition of the property. After the approval process and negotiation of the agreement are completed, the official award to TerraCycle US, LLC and the final PSARA must also be approved by the CCRC Board prior to execution.