The PILOT was granted to local developer, Lance Lucarelli, for a 10-story mixed-use building to be constructed on 46th Street and Broadway that is expected to be completed late in 2018.
Normally, about 43 percent of tax revenue goes to the city, while about 40 percent goes to the school district, and 16 percent to the county. PILOTs forego that structure and instead make annual payments to the city and county. Normally 95 percent of annual payments go to the city, and five percent go to the county. But this PILOT will pay 90 percent of annual payments to the city, five percent to the county, and five percent to the school district.
For full coverage of the council meeting and Bayonne’s new direction in PILOT initiatives, pick up next Wednesday’s paper, or visit hudsonreporter.com.