There’s none. The PILOT does not take money away from the schools, not one penny.
As Dr. Smith’s presentation outlined in a Township Committee meeting, the School District will still raise the monies they need; they are indifferent to where this money comes from.
There are currently over 600 open seats in HVRSD schools due to changing demographics and declining enrollments, so with the minimal number of school children generated by the Zaitz project, we expect that these children can be accommodated within the District with little or no additional School costs.
Additionally, Hopewell Township residents will save money as the School tax obligation is more fairly redistributed through this PILOT and The Boroughs pay their fair share. This agreement will help end the higher taxation of Township residents vs. the Boroughs.
As it stands, Hopewell Township currently pays 34% more per enrolled student in Hopewell Valley Schools than the Boroughs ($22,269 vs. $16,674). If we had gone a conventional path with this project, Township residents would have paid an even higher share of school taxes, even if there were no additional school costs.