Pompton Lakes Council approves redevelopment amendment and 30-year pilot for 61 Q Avenue project

Pompton Lakes Borough Council voted to adopt changes to the Downtown Redevelopment Plan for Block 2400, Lot 1 and approved a 30-year Payment in Lieu of Taxes (PILOT) financial agreement for a proposed 23-unit residential project at 61 Q Avenue.

The council heard a detailed presentation from Brian Morris of Phoenix Advisors, the borough's financial consultant, and planning comments from Nick Dickerson of Colliers Engineering before opening the matter for public comment. Morris said the pilot payment structure the borough is considering would be staged over the term, beginning with a lower percentage of the project's gross revenue and escalating over time. "The pilot payments over that term are $2,750,000," Morris said, adding that the borough's net revenue after statutory and land‑tax adjustments was estimated at roughly $2.5 million over 30 years if the project meets stabilization assumptions.

The presentation explained that under the long-term tax exemption law the land portion of the property remains subject to conventional property taxes while the improvement portion can be subject to an alternate payment; the municipality retains the majority of pilot revenues but must remit 5% of pilot collections to the…