Name: Netflix negotiates major tax deal with second Monmouth County borough
Uploaded: 2025-12-05T16:32:41.865Z
Duration: 2 min 5 s
Description: Oceanport Borough Council voted unanimously to enter into a PILOT, or Payment in Lieu of Taxes, agreement with the streaming giant at a meeting Thursday.

Oceanport Borough Council voted unanimously to enter into a PILOT, or Payment in Lieu of Taxes, agreement with the streaming giant at a meeting Thursday.

Monmouth County

The borough of Oceanport in Monmouth County, New Jersey, has approved a payment in lieu of taxes (PILOT) agreement with Netflix, allowing the company to build a movie studio at the former Old Fort Monmouth military base. Under the terms of the deal, Oceanport will receive $64 million over the next 30 years, with the funds intended to help lower local taxes.

This agreement differs from a similar deal in neighboring Eatontown, which received nearly $50 million up front for infrastructure improvements. Oceanport officials highlighted that the former military base had not previously contributed to the borough's tax base, and many residents expressed optimism about the new development.

Netflix negotiates major tax deal with second Monmouth County borough

over $60 million. That is how much the borough of Oceanport will receive as part of an agreement with Netflix to build that new movie studio. News 12 New Jersey's Christine Qualey was at a borough council meeting tonight where that plan was approved and she breaks down how that money is slated to be spent. All in favor. Aye. Aye. Aye. We're now prepared to welcome Netflix into our municipality. Payment in lieu of taxes agreement or pilot. That's what the borough of Oceanport has negotiated with Netflix for them to build a movie studio at former military base Old Fort Monmouth. Neighboring municipalities like Eatontown have negotiated similar agreements. The difference with Oceanport's deal, the borough will receive $64 million over the next three decades, not a lump sum all at once. Eatontown was taking $47, almost $50 million up front for infrastructure improvements. Whatever they may be, Oceanport felt we were in great position with what we've done over the last years with our roads, our parks, our brand new municipal complex, a police department where we didn't take out a bond and try to pull any money up front out of this and spread it over the 30 years. At Thursday's meeting, residents were able to ask their final questions before the measure was voted in. Invested in the community to make sure, to understand what the pilot is, to understand the future of the pilot and the potential revenue stream. Oceanport Council said they plan to use the Netflix money to lower taxes. It is especially meaningful that this investment is occurring on property that as a former military base abandoned by the federal government, never contributed to our tax base. For the first time, our residents will benefit from meaningful tax revenue from this site. Many residents at the meeting optimistic about the new project. Fort Monmouth had 5,000 people, you know, so between four and 5 p.m., 5,000 people would leave at eight in the morning. So, you know, it shouldn't be as bad, actually. In Oceanport, Christine Qualey, News 12 New Jersey.

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