FINANCIAL_SERVICESAPPROVED

Egg Harbor Township Committee Minutes 2026-04-15

Township Approves PILOT Agreement With County Authority

Township of Egg HarborATLANTIC COUNTY IMPROVEMENT AUTHORITYApril 15, 2026

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Description

Egg Harbor Township adopted Ordinance No. 9 of 2026 authorizing a 20‑year Payment In Lieu of Taxes agreement with the Atlantic County Improvement Authority for Building 2 at the National Aviation Research and Technology Park. The agreement provides voluntary annual payments based on 10% of net rental revenue, capped at $66,667, to compensate the Township for otherwise tax‑exempt federal property.

Contract Details

Vendor

ATLANTIC COUNTY IMPROVEMENT AUTHORITY

Agency

Township of Egg Harbor, NJ

Contract Type

FINANCIAL_SERVICES

Document Date

April 15, 2026

Contract Term

Twenty (20) years commencing upon the first occupancy of the building or January 1, 2027, whichever is sooner

Renewal Date

2046-12-31

Renewal Info

PILOT term is 20 years from first occupancy or January 1, 2027, with maximum annual payment increased in the 6th, 11th, and 16th years based on average CPI increases in tenant rents for the prior five years. No automatic renewal is specified; a new agreement would be required after term expiration.

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