Downtown Verona parking relief comes with added revenue streams:

As a part of the administration's ongoing efforts to revitalize and support Verona's downtown economy and local businesses, Verona Township plans to purchase the Our Lady of the Lake Parking lot located on Lakeside Avenue. The bond for this purchase was approved during Monday's Township Council Meeting (7.22.24). You canwatch a recording of this meeting via YouTube. This strategic move aims to generate long-term revenue for the township, while also addressing the growing need for parking in downtown Verona.

To ease the strain on existing municipal lots and free up spaces for both downtown businesses and Verona Park, the proposed parking lot will offer around 140 metered spots along with overnight and commercial parking permits.  Additional revenue streams will come from Electric Vehicle (EV) charging stations. These projected revenues offset project costs and lead to a point at which the site is generating revenue for the Township.

A new traffic signal to help safely manage the increased foot traffic, will be installed by Essex County. The County is currently designing a signal at the intersection of Lakeside Avenue and Pease Avenue and is aware of the Township's proposed project.

Solar canopies which will offset the towenship's energy usage are currently being analyzed for the site. Solar canopies will reduce the township's annual energy costs while taking advantage of State and Federal tax credits.

To support this project, the township has applied for grant funding from the NJ Economic Development Authority to cover up to 80% of the acquisition costs.

This acquisition marks a significant advancement for Verona benefiting residents, businesses, and visitors, and demonstrates the township's dedication to public initiatives that enhance the community with minimal financial impact. Continue to follow along as this project progresses by following Township of Verona on social media and at VeronaNJ.org