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Update on the Redevelopment Financial Agreement - September 2020

At the September 2, 2020 Township Committee meeting, the approval of an amendment to the existing Financial Agreement between the Township and Lennar will ensure that the Township receives the maximum amount of revenues from the Lennar redevelopment project for an additional 15 years.  Per the existing Financial Agreement, the Township gets to charge a PILOT on each residential unit for the earlier of 30 years from when the unit was constructed or 2053.  Based on Lennar’s current build schedule of 50 residential units/year, over half the units would not pay a PILOT for the full 30 years by the time we get to 2053, to the financial detriment of the Township.  This financial detriment may only be exacerbated by Project delays resulting from the pandemic. 

As a result of actions at the last meeting, the Township will now receive a PILOT for each residential unit for the earlier of 30 years or 2070.  This will ensure that substantially all of the residential units pay a PILOT for the full 30 year term, to the significant financial benefit of the Township.

ORDINANCE NO. 2020-09 - ORDINANCE OF THE TOWNSHIP OF PLUMSTED, IN THE COUNTY OF OCEAN, NEW JERSEY AUTHORIZING THE EXECUTION OF AN AMENDED AND RESTATED FINANCIAL AGREEMENT WITH RESPECT TO THE NEW EGYPT REDEVELOPMENT AREA

RESOLUTION NO. 2020-268 - RESOLUTION DETERMINING THE FORM AND OTHER DETAILS OF OBLIGATIONS OF THE TOWNSHIP OF PLUMSTED, IN THE COUNTY OF OCEAN, NEW JERSEY, AND PROVIDING FOR THEIR SALE TO THE NEW JERSEY INFRASTRUCTURE BANK AND THE STATE OF NEW JERSEY AND FURTHER AUTHORIZING THE EXECUTION OF VARIOUS AGREEMENTS

For further information regarding the Redevelopment Plan, please visit the Redevelopment page of the website found here:  https://www.plumsted.org/redevelopmentmaster-plan

As for Project status:

  • Lennar has completed the sample sales units.
  • Lennar Unit Sales Event is scheduled for October.
  • Lennar has requested and the Township has issued approximately 50 building permits for new residential units.
  • Lennar has paid the Township nearly $1M in contractually-required approval fee payments to date.
  • Construction of the Township’s sewer collection system is ongoing.
  • Construction of the Township’s wastewater treatment plant should be complete in mid-2021.

Should you have any questions, please contact the Dave Leutwyler, at: PMUA or 609/758-2241, ext 132.