In just over a week, it’s another huge milestone for the Netflix production facility planned at what once was Fort Monmouth — a critical vote by the Oceanport Borough Council, followed by the closing date on the entire property.
The Thursday, Dec. 4 borough council meeting involves a public hearing and vote on whether to green-light a three-decade payment plan from Netflix.
Oceanport’s crucial vote on Netflix PILOT deal
Oceanport stands to receive $66 million over the payment in lieu of taxes (PILOT) agreement, instead of conventional taxes.
A month ago, a separate PILOT agreement was approved by the Eatontown Borough Council, for its portion of the nearly 300 acre Netflix production facility, as first reported by Two River Times.
At the Nov. 6 meeting of the Oceanport Borough Council, the case was made for the 30-year contract as a way of warding off uncertainty in the film and TV industry, after a resident’s question about whether dealing with Netflix was risky.
“In less time than this contract term is, Netflix was mailing DVDs in the mail to us and we were putting them in a machine to watch them. Now, we watch everything on our phone and they're building multiple movie studios all throughout the country — probably throughout the world,” Oceanport Special Redevelopment Counsel Matthew Jessup said.
“So that's exactly the point, because you don't know, you want the certainty of a contractual payment that isn't based on revenue and runs with the land. So any future land owner has to pay the same contractual amount,” Jessup continued, in a video recording of the session.
He added that a PILOT is “treated exactly like a real estate tax dollar.”
Netflix expected to finalize purchase of 300-acre Fort Monmouth site
On Friday, Dec. 5, Netflix is slated to officially close on the entire, nearly 300 acre property — just a portion of the sprawling, decommissioned U.S. Army base.
The overall plan involves 12 sound stages and supporting buildings and spaces, in portions of both municipalities, as follows:
???? Phase 1A in Oceanport includes four sound stages and office space???? Phase 1B in Eatontown adds eight sound stages and other buildings???? Phase 2A in Oceanport spans “parcel 400” with backlots, warehouses, and amenities
Demolition and construction ramp up across Fort Monmouth
Phase 2A of Netflix's studios at Fort Monmouth has still been moving through the approval process.
The Oceanport Planning Board okayed it another recent meeting on Nov. 12.
Netflix director of global design and construction and senior project manager for the Fort Monmouth project, Kenneth Falcon said at that meeting that 47 buildings were being abated and demoed in Phase 2A, while the team is renovating five Army buildings at the site.
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