Ordinance 4520-26: PILOT for CWP-ASR Somerset I and II (The Haven, 260 Davidson Avenue)
Adopts a financial agreement under N.J.S.A. 52:27D-329.2(a)(5) and (a)(6) for the conversion of the hotel buildings at 260 Davidson Avenue into 142 affordable units. The project is tax-exempt "for so long as the Project remains subject to affordability controls," with a service charge of 4.00% of annual gross revenue. Introduced September 22 (5–0); adopted October 13, 2026, 9–0.
What to look for in this document
What to look for
- The service charge: 4.00% of Annual Gross Revenue.
- The trust-fund recital: the township “has agreed to allocate” $3,500,000 to the sponsor.
- The term: tied to the affordability controls; the text does not state a number of years. At the October 13 meeting, a resident and the Council’s response, as the minutes record them, referred to a “40-year PILOT.”
- Exhibits A and B (the sponsor’s revenue projection and the financial agreement) are referenced.