At a Tuesday evening Lakewood Planning Board meeting, the board members voted 4-3 against providing 35-year tax abatements to two properties located on Pine Street which the township wants to add to the Cedarbridge Corporate Park.
Lakewood Mayor Ray Coles has previously said that the two properties were supposed to be part of the corporate park and that re-adding them would benefit Lakewood residents for decades to come.
The Planning Board’s rejection of the tax abatement doesn’t mean that the addition of the properties is now dead. Instead, the application to have them added will be voted on by the Lakewood Township Committee, which could still approve them. However, because the Planning Board voted down the application, the Township Committee would have to approve the application with a supermajority – either a 4-1 vote or a 5-0 vote.