[HISTORY: Adopted by the Township Committee of the Township of Hanover 11-14-2019 by Ord. No. 42-19. Amendments noted where applicable.]
When the Township enters into a financial agreement for the purposes of redevelopment pursuant to N.J.S.A. 40A:20-1 et seq., the payments in lieu of taxes that are received by the Township, i.e., PILOT, shall be dedicated as follows:
The Township Committee shall take necessary action on an annual basis and coordinate with the local Board of Education, Fire District and Regional Board of Education to effectuate the distribution of such PILOT payments.
This chapter shall not apply to any PILOT agreement if it relates solely to the development of senior housing.
This chapter shall not apply to any PILOT adopted prior to January 1, 2019.