Teaneck is in the process of making/considering deals to give developers of the Town’s new Areas in Need of Redevelopment (AINRs) tax breaks in the form of allowing the developers to be PILOTs (make payments in lieu of Taxes) instead of paying taxes on the assessed value of their huge planned developed multi-family rental facilities.
The public has access to the math the Township is using when making these deals for only one PILOT facility – the one proposed by Teaneck Urban Redevelopment.  That developer’s attorney wrote to the Town in March 2021 asking that the Town approve a specific PILOT based upon an analysis done by the developer’s accountant.  In this post we provide the reader with two documents on the basis of which Teaneck Voices assesses that the Township will spend far more providing services for the new residents of this first Alfred Avenue development than it will receive in the developer/owner’s payment in lieu of taxes.
In sum, these two documents – neither of which is easy reading – proves that our Town’s leadership is on the road to disastrous decisions about all economic development decisions the Town will be paying for for decades to come!

In this first analysis – a Power Point walk through of the developer-proposed math on how the developer proposed that the PILOT calculates its payments as compared to how – using official town documents – the actual costs of Town services should be calculated.

 Revised PILOT Analysis for 329 Alfred Avenue

The second document is what the developer’s lawyers wrote to the Town asking for/demanding a PILOT with the accompanying actual analysis by the developer’s accountants (John McDonough Associates LLC).  This document was requested via OPRA just prior to the date when the Council approved the ordinance that incorporated the developer’s self-serving math.

PILOT Analysis Report – 329 Alfred Avenue