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Council hears presentation on 30‑year H3 tax exemption as residents press concerns about school funding
Summary
City staff summarized a 30‑year long‑term tax exemption for the downtown H3 project, saying it will generate roughly $1.8 million a year for the city and include 265 housing units (20% designated affordable); residents asked how the pilot will affect school funding and pressed for more budget detail.
New Brunswick City Council on the agenda read a proposal for a 30‑year long‑term tax exemption and financial agreement tied to the H3 building, which city staff said will bring new office and lab space, housing and revenue to the city.
Dominguez, the staff member who summarized the measure, said the H3 abatement “should provide approximately, and then grow every year, a little over $1,800,000 in revenue to the city,” and described the project as roughly 200,000 square feet of office and laboratory space plus about 265 dwelling units, “20% of which will be designated as affordable.” He said the project would create temporary…
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