NEW BUDGET AND DEVELOPER TAX BREAKS LEAD TOWNSHIP COMMITTEE AGENDA

Tuesday's Township Committee meeting will be packed with plenty of money-related issues and proposals, including the first vote on the proposed 2015 municipal budget.

Also on the docket are controversial tax exemption agreements with developers of the former PSE&G site on Boyden Avenue, as well as the former Maplewood Village Post Office site.

Former PSE&G site project rendering

We previously detailed the PSE&G site exemption for a 235-unit complex HERE. It is a 30-year proposal that would include only a portion of property taxes each year, starting with 10%, until 2045. It is up for final passage Tuesday.

The relevant portions of the post office site tax exemption ordinance are below.

Maplewood Village post office site project rendering

The post office site exemption estimates that upon completion, the development and property would be assessed at about $2.8 million, which would have meant 2016 taxes due of more than $101,000. But if the exemption is granted, none of that would have to be paid the first year.

The tax exemption proposal would be a five-year exemption that would include no property taxes the first year, with the tax implemented the second year at 20% and increased in 20% increments each year thereafter. It is up for first reading Tuesday.

See the entire agenda HERE.

Portion of the post office site tax exemption ordinance below: