Eatontown officials at odds over who decides how to spend $47 million from Netflix
If the PILOT agreement is finalized, the money can only be used for infrastructure projects.
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Local officials in Eatontown are divided on the process of deciding how to spend the almost $50 million Netflix is offering.
Netflix is building a production studio at former Army base Old Fort Monmouth, and Eatontown is eligible to receive a lump sum of $47 million up front as part of the deal.
The Eatontown Borough Council passed an ordinance to execute the financial agreement, a PILOT (payment in lieu of taxes), on first reading last week. The final vote will be next week.
The agreement would give the borough discretion over which projects the money will go toward, but one council member is concerned the public won't get a say in that process.
"I just don't feel that the residents were informed enough, that it's last minute, that not enough information was provided to the residents. I think with that kind of money upfront we should have a plan in place before we even accept it and have what we want to do with that money set up so there's accountability," Eatontown Borough Councilor Maria Escalante said.
However, other local officials said there's no rush to earmark the money.
"There are many public infrastructure projects that we can do around town that would save the taxpayers a significant amount of money, but we are not there yet. Right now, we are just focusing on whether to accept the pilot application or not," Eatontown Mayor Anthony Talerico said.
If the PILOT agreement is finalized, the money can only be used for infrastructure projects.
Escalante, though, said she believes the council has set their sights on one specific project already.
"Borough Hall is in disrepair. It needs to be repaired, rebuilt, something. I don't think the whole $47 million should be used to redo it. It's been said it won't, but building a big building isn't cheap," she said.
Mayor Talerico told News 12 the discussion is still open.
"If we do accept it, and receive the funds, the governing body will then have to make a plan on what to spend and where," he said.
The PILOT does include additional money to be paid out over 30 years, totaling $28,876,517 and $49,540,783, respectively.
The final vote to approve the lump sum of money will be at the next Borough Council meeting next Wednesday.
