RiverCenter's Adams Resigns After Boasting a Low 4% Biz Vacancy Rate

It was just recently, at the last Red Bank Borough Council meeting, when the RiverCenter budget was approved and the organization was lauded for its efforts.

Citing a report in Patch that indicated business vacancies of more than 10 percent along the Route 35 Shrewsbury to Ocean corridor, officials and RiverCenter Director Nancy Adams pointed out that Red Bank's vacancy level is now substantially lower, at about 4 percent. Officials credited that diminished rate to RiverCenter's leadership, vision and "attention to details."

"I think I would be remiss if I didn't say that part of the statistical data that is so positive for Red Bank not just is RiverCenter, which is very instrumental, as is the Visitor Center, but I would also like to thank council" for its cooperative efforts with RiverCenter in taking measures to lure businesses to Red Bank, Mayor Pat Menna said, citing the suspension of a parking contribution formula, which was discouraging for many, and expedition of code revisions to cut red tape and lower costs for businesses moving in.

"We are a model for being business-friendly," Menna added. "Council is as creative as RiverCenter; and it is a genuine partnership, because we talk to each other all the time.

Now, about two weeks later, officials at the RiverCenter offices have confirmed that Adams has resigned. Adams was commended for the work of the organization at the council meeting in effectively attracting new businesses to the downtown area and keeping its surtax, paid by businesses in the Special Improvement District (SID) that RiverCenter oversees, level for the consecutive sixth year.

The surtax is and always has been garnered via a special commercial assessment since RiverCenter's inception in 1991. It is only paid by businesses in the SID that stand to benefit from RiverCenter-orchestrated promotions, events, improvements and overall management.

Also, "when you see the supplemental income, it comes from events," proceeds go to various charities and RiverCenter's parking initiatives, Adams said .

Any fundraising done throughout town is promotional for the Red Bank as well, Menna said.

RiverCenter's operating budget is roughly $500,000, with three employees on staff, including the director. James Scavone, RiverCenter's director of operations, has taken over temporarily as interim director with Adams gone, according to staff there.

No further information was available on Adams' departure. When it becomes available, Patch will have a follow-up.

In the meantime, see what Adams had to say about RiverCenter and its budget in the above video clip.