Lakewood's Township Committee last year granted $4 million in short and long-term tax cuts for commercial buildings.
As a result, as previously reported here on FAA News, back in July 2023, the Township Committee recouped this loss by increasing our taxes $4 million.
Never ones to just sit back and keep things stable, the Township Committee has just approved yet additional tax cuts for a new commercial building.
Ordinance 2024-027 grants a 5 year tax abatement to 2013 Cedarbridge Avenue.
(5 year tax abatements are structured so in the first year they pay 0%, then an additional 20% each year for the next 4 years.)
The Ordinance states:
The Township Committee finds that this project qualifies as “construction” and as a “project;" that the 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.
Mayor Ray Coles stated that the new office building will provide local employment for 100 Lakewood residents.
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2 comments:
At least its not a 30 year pilot
Did Meir at least get the management contract?
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