PNC Bank Arts Owes Millions
The Appellate Division of the Superior Court of New Jersey decided 3-0 that the Arts Center (as well as the Robert B. Meyner Reception Center) will have to pay millions to the township and will not be exempt from future taxation, according to the Asbury Park Press.
Township Administrator Christopher Schultz would not estimate how much money is owed, the paper said.
The township and the former New Jersey Highway Authority, which owned and leased the venue property, have been battling for nearly a decade.
The township sued the authority claiming the facilities were not being operated according to state law to make them tax exempt, Schultz told the Press. The authority could no longer claim tax exemption when the arts center became less of a cultural arts venue and more of an entertainment venue, Schultz said.
The court ruling applies to 1997-2002 and 2004, the paper said, even though the venue was built in 1968 and the reception center added in 1989.