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.
The city’s total assessed value inched up again last year for the second year in a row, led by a nearly 3% increase in assessed value of Class 4C Apartment.
It’s been awhile since the last podcast episode dropped, so there’s plenty to catch up on the past couple of months. Here’s a smattering of items reviewed on the latest episode:
Two polls came and went since the last episode, and now a third is currently up on the site. Have a look at results of the Favorite Sandwich poll and Favorite Outdoor Space. Don’t forget to vote in the current poll, Favorite Restaurant (eat-in, table service), which closes next week.
City Council is scheduled to hold a public hearing and final vote on a proposed $58.6-million municipal budget, which aims to raise $38.1 million through property taxes.
City Council unanimously approved an ordinance that will shift the downtown management corporation overseeing the Special Improvement District (SID) from the Rahway Arts and Business Partnership (RABP) to the governing body.
The proposed municipal budget for 2021 includes almost $1.8 million in anticipated Payments In Lieu Of Taxes (PILOT), with at least two new developments expected to add $190,000 this year.