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EnCap pays NA taxes
(by Corey Klein - March 26, 2008)
EnCap, the developer with plans to turn landfills to golf courses and housing in the Meadowlands, paid $262,642 in back taxes to the borough of North Arlington today.
The borough held a tax lien sale on four pieces of EnCap property on the former Kingsland landfill, located primarily in Lyndhurst but partially located in North Arlington. The influx of money will help replenish the borough's reserve for uncollected taxes.
On March 13, the borough introduced this year's municipal budget with a zero percent tax increase. The borough passed a resolution to place less money in reserve in anticipation of EnCap, one of the biggest taxpayers in town, paying up.
If the town does not have enough money in reserve to make up for taxpayers that do not pay, it must place twice as much money in reserve the following year per state law. By receiving EnCap's money, the town has a better chance of avoiding a bigger tax increase in next year's budget.
"Now that we have this money, we can add to the reserve for uncollected taxes and give the town a stronger safety net going into next year," said Councilman Steve Tanelli.
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