What is the payment?
How is it calculated?
Who qualifies for such a tax break?
Does the township benefit or does the developer?
How does it affect current tax ratables?
The list of questions / suspicions are endless.
A few years back the undersigned publicly endorsed the PILOT agreement with UPS on Cherry Hill Road. About 6 months prior the undersigned became aware of the development tax break passed by state legislatures. UPS is commercial operation, brought jobs to the area, must likely increased home property values, located by highway hubs and reflecting back increased tax ratable.
The PILOT for 1515 Route 10 East (old Intel building) with proposed 441 apartments and retail space will certainly increase the student enrollment by empirical calculation by 150 students. This apartment complex has higher percentage of 2 and 3 bedroom units than other complexes. Parsippany already has approximately 7,200 apartment units.
As to tax roll increase, the township at “best” will increase by $100,000 with the Board of Education getting NOTHING.
There has been no input from Board of Education, yet using $25,000 per student expense less $9,000 for fixed and administration per year the school board will incur an additional expense of $2,400,000 per year. Who pays? You the property owner.
You are subsidizing the developer forever.
Request by OPRA to the township clerk: Long Term Tax Exemption for The District at 1515 Urban Renewal, LLC.
It’s lengthy , complicated, and confusing. It’s done that way for a reason.
Recommend listening to the November 8, 2018 Council meeting Tape available on Parsippany Focus.
Part 1, minute marker 6 to 10, Mr. Hanley,
Part 2, minute 21 to 32, Mr. & Mrs. Venezia
Mr. Hanley ,hired by the township uses Rutgers University projection as to school enrollment which does not reflect true enrollment numbers Parsippany incurs.
Mr. & Mrs. Venezia has spent untold hours on your behalf challenging this application as to its financial and community impact.
Only Councilwoman Janice McCarthy has voted NO to this application as planning board member.
She obviously understands its flaws.
This application would set a precedent, contact your mayor and council. Attend the voting meeting November 20.