WARETOWN – The Ocean Township Committee has denied a request from a developer who sought a 30-year long-term tax exemption from the township for an apartment project.
According to a copy of the township’s resolution denying the request, in a July 5th, 2017 letter, the developer formally requested that the township committee grant its project the longterm tax exemption. Urban Renewal, LLC., the developer building the Tradewinds at Waretown apartment project requested that the township give the project a 30-year longterm property tax exemption in accordance with state law.
The resolution stated that Urban Renewal sought to be designated as a redeveloper, and they wanted their Tradewinds project to receive an exemption from the property tax rates charged to property owners by local taxing entities, such as the municipality, county and school districts, and instead pay directly to the Township of Ocean 10% of the apartment’s annual gross revenues under a scheme known as “Payment in Lieu of Taxes” or PILOT agreements.
The resolution, which was scheduled to be adopted at the August 10th meeting of the township committee, formalized the discussion that took place at the July 13th meeting of Waretown’s elected officials, where a motion was made and approved that disapproved the developer’s application for the exemption and PILOT agreement.