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Tuesday: Public Hearing on Tax Agreement Plan with Developer of Former Bell Labs

The hearing will precede a vote by government officials to adopt local legislation on a "payment in lieu of taxes" (PILOT) plan.

The former Bell Labs building, photographed in 2011, is 1.7 million square feet. Photo credit: Frank Galipo
The former Bell Labs building, photographed in 2011, is 1.7 million square feet. Photo credit: Frank Galipo
A public hearing on a 30-year tax exemption financial plan between Holmdel Township and the redevelopers of the former Bell Labs building at 101 Crawfords Corner Rd. will be held tonight at Holmdel Town Hall. 

The public portion of the meeting begins at 7:30 p.m.

Agenda items in PDF form can be accessed at this link.

Documents, such as the tax abatement/exemption plan, can be accessed from the front page of the Holmdel Township website. 




William Y June 17, 2014 at 10:07 PM
...and the verdict is?
Christina Johnson June 17, 2014 at 10:13 PM
The Township Committee unanimously passed the ordinance setting the financial agreement between Somerset Development and Holmdel Tuesday evening. We'll report more details Wednesday.
common sense June 18, 2014 at 12:06 PM
Conveniently, there is no explanation of Exhibit 13, the Pilot tax ememption, in the document. What does 10% mean in the first year and every year thereafter with .25% increases? Is it 10% of the cost of improvements plus the actual building cost? If that's the case, and the building cost plus redevelopment amount to $150m, the town loses approximately $1,500,000. each year for 25 years since the current rate is about $2. About $40,000,000 over the life of this giveaway. Well done Township Committee. Help the developer and screw the Town and School District. WE NEED different people on this council NOW!!

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