A longterm financial pact between Holmdel Township and the developer envisioning new life for the former Bell Labs building is expected to be posted on the township website, according to the Township Clerk's Office.
The Township Committee signed off on the "payment in lieu of taxes" PILOT program at its meeting Thursday evening, and it will be released publicly once signed by the developer.
The PILOT will describe the how payments will be calculated for the entity known as Somerset Holmdel Development over the next three decades. The plan addresses the building only, and not the surrounding campus.
The township could see a $71 million in revenue through the PILOT agreement, rather than through conventional taxes, said Mayor Patrick Impreveduto at the meeting.
Under the agreement, payments will be paid to the township, not the school district, because the proposed businesses planned for the 1.7 million square foot building will not affect the school rolls, said officials.
Deputy Mayor Eric Hinds said the financial plan will incentivize businesses to sign on to the mixed use development, and ultimately enhance its property value. "If that building stays vacant, then it does none of us any good," said Hinds. "This is a jewel of Monmouth County, but sometimes people need a little more than the beauty and the rolling hills of Holmdel. So it comes down to dollars and cents -- creating more jobs and bringing businesses back to New Jersey."
Several residents expressed concern that the school budget would not be helped by the PILOT.
Longtime resident Ralph Blumenthal said after the meeting, "People have been hoping that with the redevelopment of the building there would be tax relief for the schools as well," he said. "We are all concerned…if this is going to be a good development for the town."
Also at Thursday night's meeting, the governing body approved the final part of the Redevelopment Plan for the 473-acre property. It too will be posted on the township website, according to the Clerk's Office.
Rachelle Legrand contributed reporting for this article.