Council to Discuss Golden Triangle Plan

Mayor David Stahl and township Redevelopment Attorney Jeffrey Lehrer will give a presentation tonight, Monday, Aug 8, regarding litigation regarding the .

The township and Toll Brothers have been in litigation over the property since 2008. As part of the original deal in 2005, Toll Brothers and Jack Morris were supposed to purchase the 32-acre property from the township for $30.4 million. However, the developer had the right to terminate the agreement, and the township would have to buy it back, plus 8 percent. The clause came into play years later when the developers backed out and after seven payments said the township was in default of the contract and demanded East Brunswick buy the parcel back. The township in turn sued and the two sides have been litigating the issue since.

In July, Mayor Stahl said the township and Toll Brothers were close to an agreement. If the agreement is approved, Toll Brothers can build up to 220,000 square feet of commercial retail space - with no one store being larger than 180,000 square feet - and 200 to 400 housing units. In addition, the total purchase price for the property would be the $22.5 million already paid to the township and all tax appeals by Toll Brothers would be dropped.

The agreement also calls for a annual Payment In Lieu Of Taxes (PILOT) of $550,000, which would increase as the residential component is built, said Mayor Stahl.

Under state statutes, the PILOT program would be approximately 65 to 70 percent less than the normal property taxes, with that level increasing until 100 percent of property tax levels are reached.

Money given through the PILOT would still go to the school district, said the mayor.

The council will discuss the litigation inclosed session at 7 p.m. A regular meeting of the Township Council will follow at 7 p.m.