To the editor:
When real estate developers pay less than their fair share in property taxes, the rest of us pay more than our fair share in property taxes to make up for the lost revenue.
The “Great Hopewell Township Corporate Giveaway” just got even greater if you are multi-billion (that’s with a “B”) dollar corporate real estate developer U.S. Homes Corporation, also known as Lennar, also known as U.S. Homes at Hopewell Urban Renewal, but not so good for you if you are a Hopewell Township taxpayer.
Call it the township giveaway that the township committee just keeps on giving away.
At the committee meeting on Monday, July 30, Mayor Kevin Kuchinski’s Democrat majority, with Republican John Hart dissenting, approved tax breaks to the real estate developer of the Zaitz Tract behind ShopRite. For the first five years of their 30 year property tax break, the developer will be required to pay only 66 percent of their fair share of property taxes. For the next five years, they pay only 75 percent of their fair share of property taxes. Then, for the next 20 years, they still do not pay their full fair share of property taxes by receiving a one-half of one percent tax break.
Previously, in December, 2017, Mayor Kuchinski signed off on selling the Zaitz Tract, which was purchased by the township for over $5 million, to U.S. Homes for $24,000. While it sounds unbelievable, you may read the “agreement for purchase and sale of real estate by and between the Township of Hopewell…and U.S. Homes Corporation [doing business as] Lennar, a Delaware corporation, purchaser,” dated December 11, 2017 for yourself on the township website.
Reminds me of Native Americans selling Manhattan Island to Peter Minuit for $24 worth of trinkets, but at least they did not give the Dutch a tax break.
Harvey Lester
Titusville