Tax Exemption Mulled For Housing Project

The Howell Township Council is slated to hold a public hearing on a long-term tax exemption for a Wyckoff Mills Road property and amend the salary ordinance for the director of community development, according to a preliminary agenda.

The council is scheduled to meet at 7:30 p.m. at town hall, 4567 Route 9 North.

The Wyckoff Mills ordinance would give the Akabe Village Apartments, a proposed 32-home family housing development, a long-term tax exemption supplanted with an agreement for a payment in lieu of taxes.

The agreement requires the Wall Township-based Akabe to turn over a portion of the project’s total revenues in instead of paying property tax.

That payment, according to the agreement, equals somewhat less than 10 percent of the site’s total revenues.

In return, Howell can count the project against its state-mandated affordable housing obligations, according to the ordinance.

A vote of the council is expected following a public hearing Tuesday.