The PILOT would set a $2,000 per year tax for each of the 108 units, generating $216,000 annually for the city and county, but not the schools, according to City Administrator and Redevelopment Director Peter Pelissier. After 10 years, the full taxes on the property would becomes effective, with the proportional breakdown for city, county and school taxes. How much the rental units would pay in property taxes normally, without a PILOT, is unclear. The property currently pays no taxes as it’s owned by the Redevelopment Agency.
Fifth Ward Councilwoman Jennifer Wenson-Maier explained that she could not vote for the resolution because she is liaison to the Environmental Commission, which last year wrote a sustainability element to the city’s master plan that requires energy-efficient design for all new redevelopment projects. “This project does not meet that,” she said.
The ordinance (O-29-11) will come up for a public hearing and final adoption at the City Council’s Dec. 12 regular meeting. The Planning Board is scheduled take up the Water’s Edge application at its Nov. 29 meeting.
The Redevelopment Agency this summer designated Capodagli Property Company of Pompton Plains as redeveloper, agreeing to sell the 0.75-acre parcel for $1 million. The developer will be responsible for the cost of removing soil that’s been on the site from library construction earlier in the decade.