Hopewell Township receives boost in construction revenue, property company Lennar

The Township of Hopewell secured $2.3 million in additional required one-time payment revenue from Lennar, a homebuilding and real estate company, which is building two new inclusive neighborhoods as part of the bipartisan affordable housing settlement of 2017 of the canton.

Township officials said “these payments are separate from the revenue expected under the PILOT (payment in lieu of tax) agreements for these properties.”

“We have worked for many years to reduce property taxes for our residents. This year, our efforts resulted in a 2% reduction in the overall tax rate for the Township of Hopewell,” said Mayor Courtney Peters-Manning.

“These new revenues will help us to continue on this path. I would like to thank our Township Finance Director, Julie Troutman, and our Finance Manager [Committee] Liaison, committee member Kevin Kuchinski, for helping to make this happen.

Over the past five years, the Hopewell Township Committee has worked to improve the long-term finances of the township.

In addition to a multi-year effort to reduce municipal debt, the Committee has attracted new business taxes to the township, such as with the revitalization of the former BMS (Bristol-Myers Squibb) campus, according to a press release issued by the canton.

The township committee also kept spending below the rate of inflation. This year, the municipal budget has held spending to less than 2% increase, despite inflationary pressures of 8-9%.

Importantly, these new funds bolster the township’s ability to exceed AAA fund balance levels by maintaining a reserve of more than six months of township revenue, officials said.

“Several years ago, we established a plan to reduce the proportion of taxes paid by homeowners,” Kuchinski said.

In addition, the revenue will serve as a down payment on future year’s capital and operating needs for the township, officials said.

“With the successful reinvention of the BMS and Merrill Lynch campuses, the new revenue expected from the PILOT agreements, and our continued efforts to attract new small businesses to Hopewell Valley, we expect to see further tax reduction progress in the years to come,” Kuchinski said. .


Source link

Comments are closed.