Since 2011, the Township has received over $300,000 per year in voluntary contributions that offsets the taxes the Township would have lost with Stockton's tax exemption status. Those agreements were for 3-years, expiring December 31, 2016.
On December 13, 2016, the Township signed their third agreement, this time for 15-years with Stockton University. The Township has guaranteed revenue from Stockton University till 2031.
From 2017 to 2021, the Township will receive $310,000 per year; from 2022 to 2026, the Township will receive $320,000 and from 2027 to 2031, the Township will receive $330,000 per year.
The Township just recently inked a 10-year deal with AtlantiCare Regional Medical Center, giving the Township between $200,000 and $300,000 for ten years because of their non-profit and tax exempt status; securing over a half of a million dollars from both entities.
The Township passed their 2017 municipal budget with a tax decrease and a capital plan that has the Township paying cash for improvements and capital purchases like the two recent fire trucks; one for Pomona Vol. Fire Company and the second for Oceanville Vol. Fire Company.
Lt Stockton Pilot by GallowayTwpNews on Scribd
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