[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:
|
Hanover Township
|
35%
|
|
Hanover Township Board of Education (occurs by law and levy
set by the County of Morris)
|
37%
|
|
Regional School
|
19%
|
|
Fire District
|
4%
|
|
County of Morris
|
5%
|
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.
