Anticipated Sales Price…

JMF has agreed to pay $1.25 million for the land under the Post Office provided that Township agrees to pay for demolition, remediation of all environmental issues, and provide a tax break in the form of a PILOT.   On closing day the net profit to the Town will be no more than $679,000. That sale price is based on …

PILOT

Wikipedia lists 5 common reasons for a PILOT.   The closest reason states it is used to "...strike a balance between public and private economic needs.  In effect, the local taxpayers are subsidizing the development which might otherwise have gone elsewhere." This PILOT should only be approved if the balance of public and private needs …