Eatontown mayor outlines Netflix deal: $47M for capital projects, $5M community benefits

Mayor Anthony Talerico told the Borough of Eatontown on Jan. 1 that a proposed Netflix development would bring significant one-time and long-term revenue to the town. "The financial arrangement with Netflix consists of $47 million in net funds available to the Borough for capital projects as well as a 30-year stream of defined revenue payments which total over $78 million," he said during the reorganization meeting.

Talerico said the deal also includes a $5 million Community Benefits Agreement — a one-time payment — and that a committee representing a cross section of local groups will solicit public input and recommend how to spend those funds. He said some of the $47 million could be used for downtown improvements and for urgent infrastructure repairs including the Wampum spillway project.

The mayor proposed structuring a PILOT (payment-in-lieu-of-taxes) arrangement to mitigate tax risk and create defined revenue streams; he said the arrangement was crafted to allow partnership with other local entities, including school and sewer authorities. "There is a big opportunity to partner with the schools so we can share revenue and capital funds to minimize tax impact to the residents," Talerico said, adding that he had met with Board of Education representatives and the superintendent to discuss options.

Talerico also addressed misinformation circulating on social media about school funding tied to the PILOT and emphasized the borough's desire to work with the Sewerage Authority on capital contributions to support larger, more efficient sewer projects. He said the Economic Development Advisory Committee is working on rezoning Industrial Way to attract businesses that may want to locate near the Netflix site; he stressed that rezoning would not include local tax incentives such as additional PILOTs in that area.