KEYPORT – The Borough Council has postponed a vote on a developer’s request for a tax break that would permit the construction of a 120-unit apartment building to move forward in Keyport.
Business Administrator Stephen Gallo said the item was pulled from the council’s Dec. 4 agenda after residents asked for more time to “review the corresponding documents” that pertain to the potential approval of a 25-year payment in lieu of taxes (PILOT) agreement.
That evening, council members were expected to consider a PILOT agreement with Mariners Village at Keyport Urban Renewal LLC.
Clay Perlman’s $37 million redevelopment plan has been approved by the Keyport Planning Board, municipal officials said. Perlman plans to construct a four-story apartment building on a partially vacant waterfront property near Brown’s Point Marina, 357 W. Front. St.
Officials said a 25-year tax abatement was the best course of action for Keyport after residents previously asked why a tax abatement for five or 10 years was not on the table.
Gallo previously said the redevelopment initiative would contribute “a new source of income” for Keyport.
“When we received the request for a (PILOT), we didn’t just take (the developer) at their word when they said they needed this,” he said, adding that municipal officials had an independent consultant review the financial details and implications of providing the requested tax break.
After pulling the item from the Dec. 4 agenda, municipal officials did not say when a vote on the PILOT agreement may be held.