Officials said the revenue from the tax credits would be used to pay off most of the debt over the first decade. The Sayegh administration is looking to use about $37 million in state economic development tax credits on the project. Sayegh repeatedly has proclaimed that the development of the area around the Great Falls and the renovation of nearby Hinchliffe Stadium would become the catalyst for Paterson’s revitalization.Īs part of the project, the developers would convert a church in Paterson’s downtown area into a community center and performing arts theater for city youths.

The mayor said the “ripple effect” would produce souvenir shops, restaurants and other shopping opportunities around the Great Falls. Mayor Andre Sayegh pitched the project to the council, predicting that it would transform the Great Falls into a major tourist destination that would attract more than 1 million visitors per year.

In a two-hour discussion, a majority of council members backed the mayor’s request that the city essentially serve as co-signor for as much as $38 million in debt that the nonprofit developers would incur on the project. PATERSON - After being stalled by behind-the-scenes opposition for months, the mayor’s plan to build a visitor center and parking garage at the Great Falls gained crucial support from the City Council on Tuesday night.

Paterson waterfall