The tax savings over the course of the three decade-long agreement are substantial, as detailed in a chart of expected income based on revenue. The estimated valuation assigned to the property totals $11,455,340, including the land and improvements. (Source: Official Documents)Ī financial agreement between the company and township includes detailed estimates on the expected value of the property, were it to be assessed for traditional taxation. The financial details indicate new principals are behind the project, though the person who will run day-to-day operations and oversee construction remains part of the project as a minority investor.Ĭharts detailing the financial agreement between Brick Township and the owners of a sports dome facility.
One of the documents included in the application, produced by architect Jacob Solomon, of Fair Lawn, certifies the project will cost about $13,100,000 to build. In the front, a separate developer – which is not receiving a tax exemption – is constructing an Aldi supermarket, a smaller retail building up for lease, and a quick-serve restaurant which has yet to be announced. The sports facility, as a whole, will be located in the rear of the former Foodtown site. A 28,000 square foot “sports building,” a description of which was not provided, will round out the project. The dome will technically be a separate structure measuring 72,200 square feet, and will be able to be reconfigured for various athletic uses. The site will include a fixed basketball court and daycare center in a two-story building that will measure 27,600 square feet.
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