As reported by http://nj.com After years of negotiations, Hoboken public schools are slated to get their first ever funding from developments with tax abatements, an annual sum beginning at$500,000 that would be divided among the city school district and charter schools.

The deal has been considered since 2016 and took years of conversations with the school districts to reach.

Payment in Lieu of Taxes (PILOT) agreements for new developments typically include developers making a direct payment to the municipal government, in exchange for not paying conventional county, school and property taxes for a predetermined number of years.

https://www.nj.com/hudson/2024/08/city-of-hoboken-and-schools-reach-deal-for-500k-payout-from-two-pilots.html: City of Hoboken and schools reach deal for $500K payout from two PILOTs