Ducey, however, said the annual payment will be based on “project revenue and percentage of project cost.” Shorebeat has requested a copy of this agreement, which came in the form of an exhibit with the ordinance.

The detailed terms of the financial agreement were not published on a meeting agenda along with the ordinance introducing it. The council must hold a public hearing on the PILOT agreement and take a second vote before final passage. Ducey then forwarded the application to the township council with a recommendation of approval. when an application was filed for a long-term tax exemption as defined in the state’s redevelopment law. The agreement was proposed by the sports dome developer Aug. The PILOT agreement introduced Tuesday night only applied to the sports complex – not the neighboring retail complex which will occupy the other half of the property, which will include an Aldi supermarket and other tenants that have yet to be announced. It is impossible to calculate, to an exact dollar amount, what the “dome” would have paid in property taxes since it is not yet built and future tax rates have not been set, but such agreements are almost always a lower figure than a traditional property tax bill. “They ran all the numbers and eveyrthing else, and it does meet the ‘but for.’”ĭucey said the township’s tax assessor reviewed the project as the amount of the annual payment was being calculated. “But for the annual service charge, the redevelopment could not and would not be built by the developer,” said Ducey, quoting state statutes that require certification of the non-viability of the project. While schools are traditionally left out of such agreements, the PILOT introduced Tuesday night includes language that guarantees the school district free access to the facilities. Under a PILOT, 95 percent of the proceeds remain with the municipal government and 5 percent is submitted to the county government. Normally, property taxes are divided between a number of sources, with the school district receiving the bulk of the revenue. The PILOT agreement replaces traditional property taxes with an agreed-upon payment to be submitted to the township each year, governed by a contract. Ducey said the developer informed him that new investors could not be lured to the project unless an abatement was included.

Brick township property records