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Residents press board for clarity on PILOT revenue after mention of $50 million projection
Summary
Board members and public commenters discussed payment-in-lieu-of-taxes (PILOT) agreements for new developments and whether the township will commit a percentage or fixed payments to the schools; the board president said pilot payments currently go to the municipality and offered to provide the pilot agreement that projected $50,000,000 over the term.
Board members and members of the public asked for more transparency about so-called PILOT (payment-in-lieu-of-taxes) agreements for new housing developments and how much, if any, of that revenue would be directed to the Moorestown Township Public School District.
Board president noted the municipality receives PILOT payments, not the schools, and said district leaders have pursued discussions with township officials since 2020. He said a projection in the developer agreement for the Moorestown Mall estimated about $50,000,000 in revenue over the life of that pilot arrangement; he offered to provide a copy of the pilot agreement to interested residents for clarification.
During public comment, residents urged the board to pursue either a fixed-dollar commitment or an annual percentage of PILOT revenue to be allocated to the schools. One commenter suggested a modest percentage (1'%) as a way to provide an ongoing operational revenue stream rather than one-off capital contributions.
The president said such arrangements are not unprecedented, citing a town that committed $1.2 million over 25 years in a similar example, and reiterated that the board is waiting for a firm commitment from the municipality.
The board did not take a formal vote on any PILOT allocation during the meeting; board members and residents said they would continue dialog with municipal officials and requested the pilot agreement documentation be shared publicly.
