FINANCIAL_SERVICESAPPROVED

Egg Harbor Township Committee Minutes 2026-04-15

Township Approves 20-Year PILOT for NARTP Building 2

Annual payment equal to 10% of Net Revenue, not to exceed $66,667 per year, with CPI-based increases to cap in years 6, 11, and 16Township of Egg HarborATLANTIC COUNTY IMPROVEMENT AUTHORITYApril 15, 2026

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Description

The Egg Harbor Township Committee adopted Ordinance No. 9 of 2026 authorizing a 20-year Payment In Lieu of Taxes (PILOT) Agreement with the Atlantic County Improvement Authority and Atlantic County NJ Aerospace LLC for Building 2 at the National Aviation Research and Technology Park. Under the agreement, ACIA and the company will make annual payments equal to 10% of Net Revenue, capped at $66,667 with periodic CPI-based cap increases.

Contract Details

Contract Amount

Annual payment equal to 10% of Net Revenue, not to exceed $66,667 per year, with CPI-based increases to cap in years 6, 11, and 16

Vendor

ATLANTIC COUNTY IMPROVEMENT AUTHORITY

Agency

Township of Egg Harbor, NJ

Contract Type

FINANCIAL_SERVICES

Document Date

April 15, 2026

Contract Term

20 years from first occupancy of Building 2 or January 1, 2027, whichever is sooner

Renewal Date

2047-12-31

Renewal Info

PILOT term is 20 years from the earlier of first occupancy or January 1, 2027; Maximum Annual Payment cap increases in years 6, 11, and 16 based on average CPI-related rent increases; no automatic renewal stated.

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