PARSIPPANY – While the election season has officially concluded, uncertainty still looms over the upcoming Parsippany-Troy Hills town council swearing-in ceremony slated for January 1.

Judy Hernandez, a Democrat, initially secured the fourth position in the race for three available seats on the all-Republican town council when Election Day concluded, positioning Republicans Paul Carifi Jr., Adam Kandil, and Matt McGrath as the front-runners.

However, on November 15, after the inclusion of provisional and last-minute mail-in ballots, Hernandez made a significant leap to secure the third position, holding a mere two-vote lead over Kandil.

Her victory was officially certified by Morris County Clerk Ann Grossi. Nevertheless, Morris County Republican Committee Chair Laura Ali filed for a recount to challenge the results.

An election recount is a procedure in which the votes cast in an election are re-tabulated to verify the accuracy of the initial outcomes. Recounts are typically initiated in cases where there is a narrow margin of victory, allegations of election fraud have been made, or administrative errors are suspected.

Our sources indicate the recount is set for December 12. Should the election results remain unchanged, Hernandez will assume the role of the sole Democrat on the Parsippany five-member council.

PARSIPPANY – Parsippany-Troy Hills Police Officers responded to a residence on Patrician Court for attempted burglary to an occupied residence at 6:53 p.m. on Wednesday, November 29.

The victim stated she was inside her home when she heard the shattering of glass. The victim checked her basement and found that the sliding glass door was shattered.

Upon further investigation, it was determined that one suspect rang her doorbell and then entered the backyard with a second suspect.

While in the victim’s backyard, they shattered the sliding glass door but fled before entering the residence. The Morris County Sherriff’s Office K-9 Unit also assisted us during the initial investigation.

The investigation is ongoing and anyone with information regarding this incident is asked to call (973) 263-4300 or email [email protected]

PARSIPPANY – On November 20, members of the Parsippany Interfaith Council came together at St. Andrew’s Lutheran Church to express gratitude and assemble care packages for the local food pantry in celebration of Thanksgiving.

The event featured a series of songs, readings, and blessings, emphasizing themes of thankfulness. Parsippany-Troy Hills Councilman Justin Musella also attended and addressed those gathered, expressing his appreciation for the opportunity to serve the community and the importance of truth. He highlighted the significance of interfaith gatherings as guiding lights towards a world of peace, respect, and love.

Dear Editor:

Editors Note: This letter was presented at the November 21 Parsippany-Troy Hills Council meeting.

First, I want to make it clear that my comments refer only to the PILOTs at 2 and 3 Campus Drive, because they will add students to Parsippany’s school system.  

Before the last meeting’s public session, the mayor and the developer’s attorney, Mr. Inglesino, delivered what can only be described as an all-out PILOT sales pitch. The sales pitch contained the expected embellishment of a PILOT’s positive points while omitting any points that could be interpreted as negative. It also included a generous amount of scare tactics.

Leading off was the mayor, who brought up two points that I would categorize as unsubstantiated. First, the mayor stated emphatically that these PILOTs were necessary because of the rise in construction costs and interest rates. The big problem here is that 2 and 3 Campus Drive were purchased only a month ago. During that short time, construction costs have remained about the same, and interest rates have gone down. So, the mayor’s rationale for why these PILOTs are necessary is not valid, and for that reason alone, the PILOT ordinances should be withdrawn tonight.

Next, the mayor claimed that if the PILOTs are not granted, the projects will not get done, Parsippany will lose tax revenue, and property taxes will go through the roof. That statement is a speculation, a mislead, and a scare tactic all rolled into one. The possibility that Avalon Bay, one of the largest REITs in the country, bought the property on the gamble of obtaining a PILOT, and would walk away from their investments at 2 and 3 Campus Drive after owning them for only one month is very small. And the mayor knows full well that your taxes will not skyrocket even if Avalon Bay pulls out. Because of the 2% cap law, you can count on property taxes going up between 2 and 3 ½% with or without a PILOT.

Mr. Inglesino’s presentation was professional, factual, and informative, but it was also incomplete. Here are just some of the more important details that were left out.

• Mr. Inglesino stressed that the school district will still receive a share of the land taxes if a PILOT is granted. What he left out is that the school district currently receives a share of the land tax, and will continue to receive that same amount whether a PILOT is granted or not. The school district gets no additional money from the PILOT, but it will have to pay for additional students.
• Mr. Inglesino made absolutely no mention that the developer would be receiving a Land Tax Credit (LTC) under the PILOT. According to the financial charts, Parsippany will rebate approximately 75% of the Land Tax. Avalon Bay is already getting a sweetheart deal on the Building Improvements at Campus Drive, so why does the company also need a rebate on the land taxes, and how does that rebate affect what the school district receives?
• Mr. Inglesino also failed to disclose that under the proposed PILOT, Parsippany will forfeit $47 million in property tax dollars over 30 years, a number easily derived from totals that appear on the financial sheets. What is Parsippany getting for that $47 million, and is the mayor, the council, and the public comfortable with that price tag?
• Next, Mr. Inglesino’s statement that the school district receives all of the budgeted money that it is entitled to, is entirely true. But there were no details about what happens after a PILOT kicks in. Let’s say that the 410 apartment units at Campus Drive add 50 students to the schools. We already know that the PILOT is not contributing anything extra for the approximately $1 million cost of educating these additional students. But somebody has to pay for them since their costs will be included in the school district’s next budget. As Mr. Inglesino stated, the town must pay for everything that the school district asks for, but that money only comes from properties in the tax-ratable base, which includes every homeowner, but not the PILOTed properties on Campus Drive. In short, the Parsippany taxpayer must absorb all of the additional educational costs that the PILOTed properties are exempted from.
  
• Mr. Inglesino also neglected to tell the audience that Parsippany will most likely have to pay out more money to provide municipal and educational services than it will receive in PILOT payments. For example, according to the financial sheet handouts, in year 1, Parsippany will receive a $1 million PILOT payment but will have to spend $1.7 million to provide municipal services and to educate 50 additional students. No savvy businessman or council member enters an agreement knowing that it will lose money. Rather than operating at a deficit under the PILOT, the township would be better off financially if nothing were built on the property.

In certain cases, commercial PILOTs may be warranted, but the more you learn about residential PILOTs, the worse they get.

Bob Venezia
Parsippany

PARSIPPANY — GYL Financial Synergies, a Connecticut-based investment advisory firm, is expanding its presence in New Jersey by relocating from its current location at 1719 Route 10 to a new office at 4 Campus Drive. This move marks a significant expansion for the company in the Garden State.

The newly leased office space spans an impressive 6,000 square feet and boasts two client conference rooms, ten individual offices, and an enhanced collaborative workspace for the company’s staff. GYL Financial Synergies plans to utilize this additional capacity for potential future staff hires.

“We’re excited about the expanded opportunities we can offer to our valued Parsippany clients,” stated Gerald Goldberg, CEO, and co-founder of GYL Financial Synergies. “With the extra space for growth, we have plans to welcome new team members soon. We’re also enthusiastic about connecting with new clients as we continue to foster our presence in the community.”

GYL Financial Synergies specializes in providing financial planning and investment management services to high-net-worth individuals, families, institutions, foundations, and endowments across 38 states.

In recent years, especially in 2023, the company has experienced substantial growth in the Northeast region. In January, GYL announced its acquisition of Financial Partners Capital Management, a New York City-based firm. Subsequently, in April, the company expanded further with the acquisition of Hotaling Investment Management, based in Pennsylvania.