The Newark Regional Business Partnership’s annual real estate forecast seminar featured panelist Frank Ferruggia, a property tax attorney and partner at McCarter & English. He said, “In particular, the city’s willingness to grant so-called PILOTS, or payments in lieu of taxes, has to continue to attract development.”
“Hopefully PILOTs don’t become a political football, and the city continues to recognize that, so that all of the wonderful construction plans that are on the table, all of the potential projects, can become a reality.”