FORT LEE, NJ-Despite some criticism from some circles, Fort Lee is moving ahead with a Payment in Lieu of Taxes (PILOT) agreement for a future 16-story, 140-unit high-rise that will be Fort Lee's first special needs housing development.
Some local residents blasted the arrangement, which was approved by the Borough Council on July 18, for the tax breaks on borough and school taxes given to the developer. The deal calls for developer Fred Daibes to pay 6.28% of the annual gross revenues on the building's 77 affordable housing units for 30 years or the length of the mortgage, whichever is longer, and 10% of annual gross revenues on the 63 market-price units for 30 years, according to The Record. Third two of the affordable units are earmarked for individuals with special needs.
"We always knew from the beginning that we were going to need this spot (for affordable housing)," said Fort Lee Mayor Mark Sokolich. "It is a key component of a much bigger picture." He later added, "This (special needs) development isn't about 'lets give somebody a tax break so they can make a lot of money.'" See story in The Record.
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