Borough signs Redevelopment Agreement for old bank!
REDEVELOPMENT COMING TO PALMYRA!
On Monday night the Borough signed a Redevelopment Agreement with Mr. Geoffrey Wade, Owner, of Outlaw Training & Fitness to redevelop the longtime vacant and former PNC Bank located at Highland & Morgan Aves.
Mr. Wade, whose business was formerly located in Riverton and presently in Cinnaminson, intends to convert the old bank into a state of the art fitness studio catering to private clients and groups. A complete renovation of the building is expected and a new training area with artificial turf, weights, yoga and exercise areas are planned.
Once renovations are complete the new business may be eligible for a PILOT program – or Payment in Lieu of Taxes. A PILOT is intended to attract new businesses to redevelopment areas by requiring the businesses pay a fixed annual fee instead of regular local property taxes, for a specified period of time. The Borough’s Land Use Board and Borough Council had previously designated this property an Area in Need of Redevelopment.