A five-year-old downtown building granted a 15-year Payment In Lieu Of Taxes (PILOT) has applied to extend the agreement for another 15 years. Continue reading Council to extend Metro Rahway PILOT
Tag Archives: PILOT
The Mint cuts the ribbon on 116 units
The Mint, a 116-unit rental building at 81 Monroe St., officially opened with a ribbon-cutting ceremony on Friday.
PILOTs in the 2019 budget
Revenue from Payments In Lieu Of Taxes (PILOT) is projected to reach almost $1.4 million in this year’s municipal budget while foreclosure registry fees are expected to jump by more than 50 percent.
Main & Monroe aims for October completion
Phase one of the Main & Monroe development is aiming for an October completion and while the developer is required to start the second phase by January, there is interest in starting sooner.
State of the City 2019
Mayor Raymond Giacobbe, Jr. delivered his first State of the City since winning a full, four-year term in November, announcing a new city administrator, a possible bike share with neighboring towns, and welcoming almost 400 new downtown residential units by the end of the year.
City Council adopts municipal, SID budgets
City Council unanimously passed a nearly $55-million municipal budget — which includes an average tax hike of $82 for the average homeowner — and the annual $140,000 Special Improvement District (SID) budget, during its meeting Monday night, with no comments from the public and only a couple of clarifying questions from council members.
PILOTs exceed $1.5 million in 2018 budget
The latest downtown development is expected to begin contributing a Payment In Lieu of Taxes (PILOT) this year, bringing anticipated revenue from PILOTs to more than $1.5 million in the 2018 municipal budget.
First phase begins on The Brownstones
Almost three years after demolition of the former Wheatena buildings, construction on the first phase of a four-building, 487-unit rental development has begun.