Tag Archives: PILOT

The Mint likely to be sold soon

City Council approved the transfer of The Mint’s financial agreement with the city, including the 30-year Payment In Lieu of Taxes (PILOT), paving the way for a likely sale of the 225-unit  building soon.

Continue reading The Mint likely to be sold soon

Nearly fully occupied, The Mint is for sale

The Mint, a new 225-unit complex downtown, is at nearly 100 percent occupancy across its two buildings — and has been for sale for months.

Continue reading Nearly fully occupied, The Mint is for sale

PILOTS in the 2023 budget

The 2023 municipal budget anticipates almost $3 million in revenue from Payments In Lieu Of Taxes (PILOT), an increase of almost a half-million dollars.

Continue reading PILOTS in the 2023 budget

Council extends Rahway Plaza tax break

City Council extended a 50-year tax break another five years for a downtown high-rise with plans to possibly extend it longer in the future.

Continue reading Council extends Rahway Plaza tax break

50-year tax break to be extended

A downtown high-rise building would have its 50-year tax abatement agreement extended another five years under a resolution to come before City Council tonight.

Continue reading 50-year tax break to be extended

PILOT extended for Rosegate senior housing

A nearly 20-year-old senior housing development was granted a conditional extension of its Payment In Lieu of Taxes (PILOT) as part of plans to renovate the facility.

Continue reading PILOT extended for Rosegate senior housing

City Council to vote new on PILOT agreement

City Council is scheduled to approve a Payment In Lieu of Taxes (PILOT) agreement that would generate more than $26 million over 30 years for a proposed 292-unit mixed use complex across the river from downtown.

Continue reading City Council to vote new on PILOT agreement

City Council adopts municipal budget

City Council unanimously adopted the 2022 municipal budget during a special meeting held via Zoom on July 28 that’s expected to decrease the municipal portion of property taxes by about $3 on the average home.

Continue reading City Council adopts municipal budget