Township OKs 30-year PILOT for Redevelopment Project

Scope & details

The full contract record, as filed.

Contract amount

Annual Service Charge (ASC) structured by formula: 11.5%–15.5% of Annual Gross Revenue (AGR) or a percentage of conventional taxes, escalating over 30 years; plus 2% administrative fee annually; plus Land Taxes until ASC begins; see Exhibit C for projected total figures (e.g., ~$1.22M ASC in Year 1, growing annually)

Contract type

OTHER

Contract term

Maximum 35 years from Effective Date or 30 years from ASC Commencement Date (approx. 2025–2055)

Renewal date

2055-01-01

Renewal

Upon expiration, property reverts to conventional taxation. Early voluntary termination allowable by developer after 1 year of ASC payments with notice. Assignment/transfer permitted to another qualified urban renewal entity with Township approval; administrative fee applies at transfer. Agreement can be terminated for payment default or breach after cure period and notice. Amendments must be in writing.

Document type

Agreement

Source document

township-of-livingston-financial-agreement-for-tax-exemption_4bf.pdf

Related contracts

Other contracts from 45 Partners Urban Renewal Llc.

View all →

Livingston Township Council Agenda 2026-08-11

APPROVED

Township of Livingston, New JerseyAug 11, 2026

township-of-livingston-financial-agreement-for-tax-exemption_943.pdf

APPROVED

Township of Livingston, New JerseySee payment schedule; initial year ASC $1,220,202; amount adjusts annually per formulaJan 1, 2025

Livingston Township Council Agenda August 2024

Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the government contract by Township of Livingston?

45 Partners Urban Renewal Llc was awarded this government contract by Township of Livingston, as recorded on January 1, 2025. The contract value is Annual Service Charge (ASC) structured by formula: 11.5%–15.5% of Annual Gross Revenue (AGR) or a percentage of conventional taxes, escalating over 30 years; plus 2% administrative fee annually; plus Land Taxes until ASC begins; see Exhibit C for projected total figures (e.g., ~$1.22M ASC in Year 1, growing annually).

How much is the 45 Partners Urban Renewal Llc contract with Township of Livingston worth?

The 45 Partners Urban Renewal Llc contract with Township of Livingston is valued at Annual Service Charge (ASC) structured by formula: 11.5%–15.5% of Annual Gross Revenue (AGR) or a percentage of conventional taxes, escalating over 30 years; plus 2% administrative fee annually; plus Land Taxes until ASC begins; see Exhibit C for projected total figures (e.g., ~$1.22M ASC in Year 1, growing annually).

What type of contract is this?

This is a government contract, documented as a agreement record.

Where was this contract approved?

This contract appears in township-of-livingston-financial-agreement-for-tax-exemption_4bf.pdf (Agreement), dated January 1, 2025 from Township of Livingston. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does 45 Partners Urban Renewal Llc hold?

45 Partners Urban Renewal Llc may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

View 45 Partners Urban Renewal Llc's profile

What is Township of Livingston currently buying?

Explore Township of Livingston's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.

View Township of Livingston's profile