Yes, it’s a very positive deal. Instead of receiving $18.5 million in revenue over 30 years, Hopewell Township is projected to receive over $110 million over this same time period through the PILOT agreement.
This will enable us to pay off outstanding Township debt and reduce taxes, plus reinvest in our community. Options under consideration include added investment in our Fire District and other first responders, building a new Senior + Community Center, and making voluntary additional contributions to the School District, in addition to reducing residential property taxes.
The PILOT will bring in roughly $3 million per year, which is fully 20% of what is raised by the current tax levy, all from just one small tract.