BUSINESS, LANDLORDS AND RED BANK (CONTINUED)

Over the last 5 years the pendulum of business has been swinging from a packed downtown to now a number of stores being vacant. The high rents due to landlord greed and/or the high purchase price of these buildings have driven the mom and pop stores out of town. One woman’s rent for 2000 square feet on West Front St. was raised to $7000 a month, needless to say that store is empty now. Parking is also a key issue businesses are leaving Red Bank, unless we address the above problems we could see a lot more empty stores.

The development of the Arts and Antique District with the Two River Theater and the proposed condos and retail stores proposed by Metrovision should help the image of the overall town however there still can and will be a parking problem throughout the entire town.

The town of Burlington Vermont has a booming economy going right now. It mirrors Red Bank in its downtown development however they have built 4 parking garages around the town which enable people to park, shop, eat and go the various art stores. The residents and business owners are ecstatic over the revues being collected and the tax spin offs are keeping property taxes to the private sector from climbing.

Over the coming year there is going to have to be a tremendous effort to stabilize rents, find additional ways to handle our parking problem and get over the residents vs. the business district that has been created over the last number of years. We use to have the 2nd highest tax rate in Monmouth County we are now, I believe, 32nd. We could go back to being 2nd if we don’t work on fixing the momentum that has been created.