FINANCIAL_SERVICESAPPROVED

Town of Phillipsburg Council Meeting Agenda Packet 2026-06-23

Phillipsburg approves 30-year PILOT for LIHTC project

Annual service charge: 6.28% of Project revenues (years 1-15); 7.28% (years 16-22); 8.28% (years 23-30)Town of PhillipsburgSOUTH MAIN LIHTC LLCJune 23, 2026

Trusted by teams at

Description

The Town of Phillipsburg Council approved a 30-year Payment In Lieu Of Taxes agreement with South Main LIHTC, LLC for a 48-unit affordable rental housing project on South Main Street. Under the deal, the sponsor will pay an annual service charge ranging from 6.28% to 8.28% of project revenues instead of standard property taxes.

Contract Details

Contract Amount

Annual service charge: 6.28% of Project revenues (years 1-15); 7.28% (years 16-22); 8.28% (years 23-30)

Vendor

SOUTH MAIN LIHTC LLC

Agency

Town of Phillipsburg, NJ

Contract Type

FINANCIAL_SERVICES

Document Date

June 23, 2026

Contract Term

30 years

Renewal Info

PILOT agreement sets a fixed 30-year term with tiered annual service charge rates; any extension or renewal would require separate future Council approval and is not specified in the resolution.