Tag Archives: PILOT

Council to consider PILOT, changes to Brownstones

Meridia Brownstones from Elizabeth AvenueCity Council will vote tonight on a 30-year Payment In Lieu Of Taxes (PILOT) for Meridia Brownstones (0-21-14) as well as an amended redevelopment plan (O-22-14) and revised redevelopment agreement (O-23-14).

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Council to consider PILOT for Meridia Brownstones

The developer of a proposed four-building complex on the former Wheatena property on Elizabeth Avenue is seeking a Payment In Lieu Of Taxes (PILOT) to the city that would average about $1 million annually for 30 years.
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Redevelopment agreement approved for Donoch II project

The Redevelopment Agency would receive redevelopment fees of $1,000 per unit for a proposed 194-unit project on Main Street, under an agreement approved earlier this month.

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30-Year PILOT could mean 50-percent tax break

The Payment In Lieu Of Taxes (PILOT) for a proposed 196-unit project downtown could mean a tax break of as much as 50 percent in the first year alone and some $17 million versus $34 million over the 30-year life of the program, if certain assumptions are made.

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Public hearing on budget slated for Monday

The City Council will hold a public hearing on the 2014 municipal budget during its meeting on Monday before giving final approval on the $51.8-million spending plan. The governing body is also scheduled to approve the Rahway Arts District‘s annual $130,000 budget, derived from the Special Improvement District (SID) tax.

billsThe 2014 budget, introduced by City Council at its March 10 meeting, projects an increase of $43 in municipal property taxes on the average property, assessed at $133,000.

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Main Street project would get 30-year PILOT

The City Council next month will consider the fourth Payment In Lieu Of Taxes (PILOT) in the last two years, this time for the largest project and the longest program yet.

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Mack-Cali acquires Park Square for $46.5M

Seven years after breaking ground on its first phase, Park Square has been acquired for $46.5 million.

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Water’s Edge to begin leasing by December

Meridia Water’s Edge, a 108-unit rental complex that broke ground last year behind the library and Center Circle facility, is expected to be completed in the coming weeks.

Continue reading Water’s Edge to begin leasing by December