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The Town Council in Newton made residential and commercial ordinances for a PILOT (‘Payment in Lieu of Taxes’) plan at the location on Water and South Park Drive, NJHerald reports.
The commercial and residential portions of the property will be divided for separate ownership, according to the report, which cites Town Manager Thomas S. Russo.
In addition to 100 market-rate rental units, the proposal includes a plan for a pair of one-story commercial buildings with a maximum square footage of 8,700, as well as parking space, Russo said.
Chipotle Mexican Grill, Starbucks and Panera locations are planned for the commercial portion of the property, the Town Manager said.
As opposed to property taxes, the proposal includes ‘Annual Service Charges’ that will be dependent on the location’s annual gross revenue with a first-year rate of 10 percent and subsequent years on a rising scale.
The next Town Council meeting on April 26 will include a public hearing on both PILOT ordinances.
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