By KENNY WALTER
Staff Writer
LONG BRANCH — The City Council has introduced an ordinance that would approve a 10-year tax-exemption plan for the developers of a 47-unit condominium complex.
The council unanimously introduced the ordinance for a payment-in-lieu-of-taxes (PILOT) plan for FEM South Beach Urban Renewal LLC during the April 25 meeting.
Under the agreement, the developer will pay 10 percent of the gross annual revenue in the first year instead of traditional property taxes, and the developer will pay the greater of 15 percent of gross annual revenues or 80 percent of full taxation by year 10.
Mimi Feliciano, CEO of FEM Real Estate, which is located in Morris County’s Montville Township, first presented plans for the project in the Beachfront South redevelopment zone in 2013 and gained approval from the Long Branch Planning Board in 2014.
Because of a previous redevelopment agreement, Feliciano already secured approvals to construct 11 townhouse units on the property, but was able to acquire more properties to expand the project located on the corner of Ocean Boulevard and North Bath Avenue.
The project did not require any variances, which the city does not grant for projects in its six redevelopment zones.
The design includes a connected first floor that splits into two eight-story towers, with an opening in between.
Amenities include underground parking, a pool, gym/activity area and private terraces for some of the units.
There will also be unoccupied units that can be reserved for guests of tenants.
Long Branch Business Administrator Howard Woolley Jr. said that once the ordinance is adopted, the developer will be able to move forward with construction of the project.