MAYORS FOR “MAIN STREET” JOINS IN OPPOSITION TO ACS 1571/1576& S-1956
February 23, 2021, 8:19 am | in
MAYORS FOR “MAIN STREET”JOINS IN OPPOSITION TO ACS 1571/1576& S-1956
Mayors for “Main Street,” an alliance of 22 Mayors across 5 counties, announced that they will be joining Mayors across the State of New Jersey in expressing strong opposition to ACS 1571 & 1576 and S-1956, which would impose prevailing wage requirements on any property where a public body has provided, approved, or authorized a tax abatement or tax exemption.
The economic incentive tool known as Payment in Lieu of Taxes (PILOTs) is the single most powerful instrument available to municipalities to encourage property owners and developers to revitalize and develop areas in need of redevelopment and spur economic development in blighted areas. PILOTs work when a municipality determines that a specific project would not occur otherwise without a PILOT. This economic tool has been vital in municipalities meeting their affordable housing requirements, environmental remediation, improvement to infrastructure and other capital projects, not to mention the economic spur it creates for our main streets.