The Two River Times
In response, Christopher Otteau, a chief appraiser with the Otteau Group and a financial consultant working with Denholtz Properties who is listed by New Jersey Transit (NJT) as a developer for the borough’s Transit Village plan, sought to allay these fears.
“This project is going to be a large multimillion-dollar development. Now, if this project were just being built with no PILOT, only 31% would go to the borough, that’s it. Under this scenario, 95% goes, and when you’re talking about numbers this large, that adds up to a lot of money for a town to be able to fund programs and services and everything else for 35 years,” he explained. Eventually, “the PILOT comes up to market value” he said. Halfway through the PILOT, there’s “almost no break in the taxes, but the town’s still getting 95%. So, it’s largely beneficial to the borough,” Otteau said, because it helps bring a “large influx of cash into the municipality.”
