Decision on Sunoco Settlement Could Come Tonight

A tentative settlement with Sunoco could become final tonight, as the is scheduled to consider in closed session both that matter and the Coastal/El Paso tax disputes over .

The agenda released by the township Thursday afternoon lays out the closed session and potential action afterward, pending the outcome of that closed session, including possible resolutions for settlement on both matters, as well as an application to the state Local Finance Board for approval of the added debt the township would have to bond to pay off the settlements.

While township committee members have declined to speak specifically about what that settlement entails, citing the ongoing nature of the litigation, former Mayor Len Daws said the committee was making progress on a potential $15 million settlement at the end of 2011.

Sunoco’s tax assessment for the 1180-acre Eagle Point facility fell drastically for 2012, down to $153.5 million from about $250 million.

That drop in value has already hit the school board, which is in the middle of budgeting for 2012-2013. or budget cuts of around $900,000 to get down to what board members called a more palatable tax increase.

The township committee will face a similar hole in the budget from the loss in ratable value when it begins budget planning this year.