Based on the agreement attached to the Township agenda packet for the 06/30/2026 meeting, the Terrace project may end up being a PILOT which would exempt the developer from paying taxes to our schools.
In fact, the agreement assumes a PILOT is coming and ties the project’s survival to getting one finalized.
The agreement also spells out what a Financial Agreement actually does: it exempts the project from regular property taxes in exchange for the developer making payments in lieu of taxes instead.
Lockhern Property II BH Urban Renewal LLC is an “urban renewal entity” under state law which is the exact legal structure that makes a project eligible for a Pilot in the first place.
Earlier today we reported on the Townships plans to dissolve the Recreation Commission and questioned the timing and the amount of items to be discussed during the meeting.
If you recall, nj21st questioned the lack of an agreement when this was on the agenda for the last meeting. It was pulled and added to this meeting.
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