Four eighth-grade students are in the midst of on the job training made possible through a PILOT granted during the Lakehouse complex expansion on Lake Avenue. PILOTs, or rather payment in lieu of taxes, are tax abatement agreements that stay full tax payments for a period of time. In the last two years, the Asbury […]

City officials will look to hire a consultant to review four existing payment in lieu of tax [PILOT] agreements, according to a request for proposal [RFP] due by month’s end. PILOTS were first enacted across the state in 1977. The local agreements typically include a full payment of city taxes but attribute a 5 percent […]

Final project approvals were granted Wednesday by the Asbury Park City Council for iStar’s 1101 Ocean Avenue mixed use development. In its role as the municipality’s redevelopment authority, the City Council unanimously granted the master waterfront redeveloper a subsequent developer’s agreement that includes a Payment in Lieu of Taxes [PILOT] structure that will allay the […]

A detailed plan outlining workforce development and a PILOT request that will reduce board of education taxes, but not municipal taxes, are a part of Fasano Properties request to bring a Dollar Tree store to Main Street. The payment in lieu of taxes [PILOT] is a structured tax abatement program that permits reduced taxes during […]

Lakehouse owner Jon Leidersdorff is seeking a tax abatement to help with the expansion of his Lake Avenue music academy and recording studio. Earlier this month, the city’s Planning Board approved an amendment to allow expansion of Leidersdorff’s operation into the neighboring three-story building that has remained vacant for years. The plan now awaits the City […]