The developer of a 43-unit East Cherry Street project has requested a 30-year Payment In Lieu Of Taxes (PILOT) to be considered by City Council.
Tag Archives: PILOT
The Gramercy project moving forward
A 5-story, 45-unit project on East Cherry Street is moving ahead, including property transfers, a redevelopment agreement and discussions on a Payment In Lieu Of Taxes (PILOT).
Meridia Water’s Edge likely to be sold
Meridia Water’s Edge, the two-year-old rental complex at City Hall Plaza, looks like it will be sold in the near future.
Revisting recent PILOTs
The tax assessment for Meridia Water’s Edge is more than $8 million, 20 percent higher than what I estimated a few years ago before construction began. That means the disparity in would-be property taxes versus the Payment In Lieu Of Taxes (PILOT) is even wider than I originally projected.
PILOT revised for artist housing complex
City Council modified a Payment In Lieu Of Taxes (PILOT) agreement to reflect a new lead developer for an artist-focused affordable housing complex.
PILOTs in the 2015 budget
City Council is scheduled to hold a public hearing before formal approval of the 2015 municipal budget during its regular meeting on Monday night, and here are a few more details from the 44-page document.
Breakdown by property of expanded citywide SID
The average property within an expanded, citywide Special Improvement District (SID) would pay about $1,437 in taxes to the SID, but the average among industrial properties and apartments would be nearly twice as high as commercial properties.
Continue reading Breakdown by property of expanded citywide SID
Mayoral candidate: Patrick Cassio
Editor’s note: Election Day is Nov. 4. On the ballot in Rahway will be elections for mayor and three at-large City Council seats in addition to the remaining two years of an unexpired term for 6th Ward City Council. The three mayoral candidates were invited to present their platforms on redevelopment and will appear this week. Samson Steinman appeared on Monday and Renee Bridges Thrash appeared on Tuesday.