CARTERET – Last week, the borough signed a redevelopment agreement with energy company Kinder Morgan that is expected to create $30.2 million in tax revenue over the next 30 years.
According to Mayor Daniel Reiman, the company will build a bio-diesel blending system and storage facility on 15 acres of its 197-acre site. The $60 million project is “one of the biggest projects in the history of the borough,” the mayor said.
“In and of itself, it’s a great project with expected job growth and, most importantly, there will be more ratables coming into the city,” Reiman said.
Construction is slated to begin in May and end in June 2011, according to Kevin Golankiewicz, northeast regional manager of Kinder Morgan.
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