TOWNSHIP ADMINISTRATOR ON PSE&G SITE TAX BREAK

We told you Monday about the tax exemption plan for the new PSE&G redevelopment project that will cut the developer's tax payments for the first 30 years of the 235-unit project's existence.

You can see the breakdown HERE.

It will be considered at tonight's Township Committee meeting at 7:30 p.m.

Today, Township Administrator Joseph Manning issued this statement on the proposal to Maplewoodian.com:

The project will actually make significant payments of both taxes and payments in lieu of taxes. The project will pay conventional taxes on the land, and will also make payments in lieu of taxes for the new improvements. The payment in lieu of taxes is the greater of: 1) 10% of annual gross revenue (10% is estimated at $616,094 in the first year); 2) a percentage of what conventional taxes would be (the percentage increases in 20% "stages" over the life of the agreement); or 3) the amount that the property generated in property taxes in 2014, which is $311,399.50. Land taxes paid in the previous four quarters are credited against the PILOT.