BOGOTA, NJ-The Bogota Borough Council is expected to vote next month on a proposal to grant a 30-year tax exemption to the developer of the long vacant former Florence E. Dewey Elementary School here.
Paramus, NJ-based for 297 Palisades Urban Renewal Company LLC is planning to build a 44-unit apartment development on a Palisades Avenue lot where the school once stood. The council is expected to vote on the ordinance to grant the tax exemption that would allow the developer to engage in a Payment in Lieu of Taxes (PILOT) arrangement on the property instead of paying real estate taxes for the 30-year term, according to The Record.
In the agreement between the developer and Bogota, the borough contends that the benefits of the project will "enhance and revitalize the redevelopment area, and will promote the public health, safety, roads and welfare of the borough and its inhabitants." The borough adds that the cost of the tax exemption was necessary and that the project would not be developed without the tax exemption incentive. See story in The Record.
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