Lakewood's Township Committee today authorized a 5 year tax abatement to the new office building built by Cedarbridge Properties, LLC at 1999 Cedar Bridge Avenue across Airport Road.
According to tax records obtained by FAA News, the FY 2023 annual property tax bill for this property was $94,691.59.
Under the terms of the tax abatement authorized today by the Township Committee, from January 1 of the year following the date of the completion of the Project; for the first year there will be no payment in lieu of taxes; for the second year they will pay 20% of the taxes due; for the third year they will pay 40% of the taxes due; for the fourth year they will pay 60% of the taxes due; and for the fifth year they will 80% of the taxes due. Thereafter, full taxes for the project shall be paid.
New Jersey State law permits municipalities to grant tax exemption and abatement for buildings and structures in certain areas and of real property taxes for new construction under certain circumstances.
At today's Township Committee meeting, prior to authorizing this tax abatement, Mayor Ray Coles read a brief statement from the applicant, which stated that construction of the state-of-the-art 44,000 sq foot building, which is uniquely situated at the Garden State Parkway ramp, cost $6.8 million, and is expected to create 200 jobs in Lakewood; the tax abatement will permit the developers to reduce the cost of the initial rentals which will help attract valuable, high level corporate tenants.
According to the Township Committee's Ordinance, the Committee agreed that this project will "significantly contribute to the expansion of commerce within the Township and with the eventual increase to the tax base of a substantial ratable; that the construction of these facilities will provide increased job opportunities within the Township; and that the project shall contribute toward the inducement of other projects to locate within the Township, thereby enhancing and improving the economic climate of the Township".
As first reported here on FAA News, the Township Committee has granted so many short and long-term tax abatements to new commercial properties that they needed to increase taxes $3 million this year to cover only most of the deficit which is now expected to continue in to next year as well.
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