Montclair’s Siena Gets PILOT Amendment: Taxes To Change

MONTCLAIR, NJ — The Montclair Township Council has approved changes to the PILOT agreement with Herod Urban Renewal, the developer of the Siena condominium complex on the corner of South Park and Church Streets.

During its Tuesday meeting, the Montclair town council passed a second-reading ordinance that amends the payment in lieu of taxes (PILOT) agreement with Herod.

Under the terms of the PILOT agreement, the property's annual tax payment is split into three parts: retail, residential and parking, according to NorthJersey.com.

Herod is solely responsible for the payments for its 38,000 square feet of retail space. The developer is also responsible for residential payments for its unsold units, but after the sale of a condominium unit, it becomes the individual condo owner's responsibility to pay that portion of the annual residential service charge, the report stated.

The PILOT amendment states that the goal of the new language is to “clarify the computation and payment of the Residential Annual Service Charge,” as well as land tax payments on the property’s residential component.

Township Attorney Ira Karasick stated Tuesday that the new amendments are a result of the township working with the individual unit owners at the Siena to have their apartments valued consistently and taxed “in a fair manner.”

An attorney for the Siena’s association requested that a vote on the ordinance be postponed for review purposes, a request that the council ultimately denied.

The full ordinance (with changes to the Siena PILOT) can be seen here.

Photo: Google Maps

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