Hackensack Sets Strict August 28 Deadline for Developers Owing $6.7 Million in PILOT Revenue

the staff of the Ridgewood blog

HACKENSACK, NJ — The City of Hackensack has officially issued final written termination notices to delinquent property developers, setting an August 28 deadline to collect over $6.7 million in overdue Payment in Lieu of Taxes (PILOT) revenue and accrued interest.

Mayor Caseen Gaines and the Hackensack City Council announced the crackdown as part of an ongoing enforcement mission to recover funds uncollected under prior municipal leadership, with some arrearages dating back to 2018.

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The $6.7 Million Breakdown

An initial independent audit commissioned by the current administration uncovered $5.4 million in uncollected developer funds and interest. Following newly submitted financial audits provided by developers, city financial experts recalculated the total outstanding amount:

• Unpaid PILOT Fees: Over $4.8 million

• Accrued Interest: Nearly $1.9 million

• Summer Collections: Over $1.7 million already recovered from cooperating entities

The interest rate applied directly mirrors the standard penalty rate charged to local homeowners and small business owners who fall behind on municipal property taxes.

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Mayor Gaines: Tax Exemptions Are “A Privilege, Not A Right”

City officials emphasized that developers will not be permitted to resolve accounts with partial payments or delayed reporting. To fully clear their records, property owners must submit up-to-date mandatory financial audits, satisfy all unpaid principal fees, and pay accrued interest in full.

“For too long, under the previous administration, we have heard that tax-exemptions for developers were a necessity. The truth is, they’re a privilege, and they only work if there is a true partnership and benefit for our residents. We are holding developers to the same standard as our residents and the terms they agreed to when they received the financial incentive to build in the City.”

— Mayor Caseen Gaines

If developers fail to meet the August 28 compliance deadline, Hackensack is prepared to execute formal termination notices. Revocation would strip developers of their PILOT status, subjecting properties to standard municipal property taxation rates.

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Breakdown of Delinquent Hackensack Properties

According to municipal records, the following urban renewal entities have been cited by the City for outstanding balances:

• R & H Hackensack Urban Renewal, LLC (Midtown Bridge): $1,127,684

• Waypoint Hackensack Urban Renewal Owner LLC (435-439 Main St.): $1,052,484

• Brickyard Urban Renewal, LLC (18 E. Camden St.): $948,914

• 150-170 Main Street Hackensack Urban Renewal LLC (150-170 Main St.): $622,170

• Hackensack Jefferson Urban Renewal, LLC (2 Kinderkamack Rd.): $460,297

• Meridia, Metro Urban Renewal, Hackensack, LLC (100 State St.): $248,925

• 210 Main Urban Renewal, LLC (210-214 Main St.): $165,614

• 22 W Camden Street Hackensack Urban Renewal LLC (22 W. Camden St.): $154,059

• DPB Associates Urban Renewal, LLC (50 Main St.): $140,921

• 22 Sussex Street Urban Renewal, LLC (22 Sussex St.): $59,414

• Meridia on Main Urban Renewal Hackensack, LLC (240 Main St.): $57,027

• Sonehan Clinton Court Urban Renewal, LLC (395 Main St.): $8,774

• 307 Main MF-Q Urban Renewal, LLC (321 Main St.): $0 (Audit compliance pending)

• Anderson Street Station Urban Renewal LLC (95 Anderson St.): $0 (Audit compliance pending)

City officials note that the $6.7 million total remains a conservative estimate, as several developers continue to withhold annual financial reports—including one property that has failed to submit an audit since opening.

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