Sunday, June 4, 2017

Galloway & Stockton University Reach 15-year PILOT Agreement; Over $300,000 Per Year

Galloway Township and Stockton University have teamed up once again for a third agreement for voluntary financial contributions for the Seaview Country Club property located on Route 9. 

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.


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