Revenue from Payments In Lieu Of Taxes (PILOT) increased last year by 30 percent, about $845,000, and this year’s municipal budget anticipates another increase of 26 percent, or almost $720,000.
Continue reading A closer look at PILOTS in 2024 municipal budget
The municipal budget anticipates more than $2.5 million in revenue from Payments In Lieu Of Taxes (PILOT), thanks in part to two new developments coming online and a new state law requiring a contribution from local hospitals.
Continue reading A closer look at PILOT revenue in 2022 budget
Existing land uses downtown are diverse, with a mix of commercial, mixed-use, industrial, parking and public uses.
Continue reading Downtown strategic plan: Existing land uses
Two downtown developments of more than 300 units recently secured refinancing.
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.
Payments In Lieu Of Taxes (PILOT) are anticipated to account for $1.385 million in the 2020 municipal budget.
The Redevelopment Agency officially issued a Certificate of Completion for REVA Rahway, a rental complex on Main Street at the site of the former Center Circle sports complex that started leasing late last year.
Continue reading Certificate of completion issued for Reva Rahway
Recent downtown development projects have a mixed bag when it comes to reaching Payments In Lieu Of Taxes (PILOT) levels anticipated in their original financial agreements.