The redeveloper of the 50-acre, vacant property has been granted a 30-year tax exemption and payment in lieu of taxes agreement for 25 years, as it is developed into a physical rehabilitation center.
City council this week approved a 30-year tax exemption and PILOT agreement with the redeveloper of the former Woodbury (N.J.) Country Club, with more potentially on the way, the Salem (N.J.)-based South Jersey Times reported.
The PILOT (payment in lieu of taxes) agreement, approved unanimously during the October 14 council meeting, will see Burris Post-Acute Network pay $220,000 to the city per year, rather than regular property taxes, for the first 25 years of the development’s physical rehabilitation center, the Times reported.
The next five years after that will see that amount gradually increased to approximately $434,000, the Times reported.
Moorestown-based developer William Burris Jr. purchased the 50-acre country club, which has sat vacant and unused since 2009, from Parke Bank in June for $3.2 million. Plans are in place for Burris to transform the site into a health care complex, with a physical rehabilitation center, an assisted living center and a long-term care facility. Altogether, the complex will be known as “B Well Rehabilitation,” the Times reported.
In addition, Burris also plans to construct 18 residential homes within the development, as well as 15 acres of public open space, the Times reported.
According to Mayor Bill Volk, additional PILOT agreements, for the other aspects of the development, could be forthcoming. City officials have stated there is already a five-year, 20 percent tax abatement in place for the future homeowners in the residential development, the Times reported.
City council officially turned over redevelopment responsibilities for the former country club to Burris in September. According to the redevelopment plan, construction of the rehabilitation center is scheduled to break ground on November 1, with an anticipated completion date of February 1, 2016, the Times reported.
The rest of the development is expected to be completed by July 2018, according to the redevelopment agreement, the Times reported.
Tell Us What You Think!
You must be logged in to post a comment.