Township To Take First Step Toward Approving PARQ and BBX PILOT Agreements

Council---2024 — Councilman Justin Musella, Council Vice President Frank Neglia, Councilwoman Judy Hernandez, Council President Paul Carifi, Jr., and Councilman Matt McGrath

Plans call for more than 1,000 additional apartments on the cleared site, which will move forward under a proposed Payment In Lieu of Taxes (PILOT) program currently awaiting Township Council approval.

By Frank L. Cahill

Dec 2, 2025

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Adequate notice of this meeting has been provided in accordance with the requirements of the Open Public Meetings Law by filing the notice in the Office of the Township Clerk and by posting the meeting notice on the bulletin board at the Municipal Building on December 2, 2024, where it has remained posted since that date. A legal notice appeared in the Daily Record and the Newark Star-Ledger on December 6, 2024.

Executive Session

The Council plans to enter a closed executive session to discuss attorney–client privileged matters related to affordable housing. Once confidentiality is no longer required, minutes will be made public.

Second Reading & Public Hearing on Ordinances

Several ordinances are up for final consideration and public comment, including:

Amendments to a previously adopted bond ordinance
Establishment of 2025 salary ranges
Adjustments to sewer rental fees
Increases to water rates and charges
Amendments to the township’s cannabis ordinance

Public Session

The public will have an opportunity to speak on any township matter before the Council.

Consent Agenda

The Council is expected to vote on routine items including:

Issuing a new hotel/motel liquor license (Troy Hotel)
Cancelling and refunding property taxes for a 100% permanently disabled veteran
Authorizing budget transfers 2025-12-02-Council-Agenda

Approval of Minutes

The Council will vote on approving minutes from the November 3 agenda meeting and the November 25 regular meeting.

Reports & Presentations

Updates are expected from:

The Mayor
Township Council
Township Attorney
Business Administrator
Township Clerk
The Council will also address filling an unexpired term on the Zoning Board of Adjustment.

First Reading of New Ordinances

Two major financial-agreement ordinances will be introduced:

A tax exemption agreement with PARQ Urban Renewal, LLC
A tax exemption agreement with BBX Parsippany Urban Renewal, LLC
Both will be scheduled for second reading on December 16. 2025

The land surrounding the existing 500 PARQ luxury apartment building has now been fully cleared of all former office structures, signaling the next major phase in the PARQ redevelopment project. The developer is awaiting Township Council approval of a Payment In Lieu of Taxes (PILOT) agreement, a key step required before construction of the remaining phases can begin. Plans call for the construction of over 1,000 additional apartments on the newly vacated property, transforming the former Lanidex office campus into one of the largest residential communities in Parsippany. The upcoming phases include a mix of market-rate units, amenities, and supporting infrastructure as part of a multi-year redevelopment effort.
Once approved, the PILOT will move to second reading, clearing the way for the project to proceed.

500 Parq Ln — is described as a “275-unit luxury apartment building

Non-Consent Agenda

The Council will consider renewing 2026 licenses for amusement games, entertainment, taxis/limos, and tourist accommodations. 2025-12-02-Council-Agenda