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Re: Blocking driveways..
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Home away from home
 
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Quote:
this exactly what im talkin about.. d-bags. god bless whatever engineer decided to put the spare tire on the back of some suv's. god bless.
Posted on: 2009/9/9 1:31
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Re: Can Someone Explain CONDO PILOTS?
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Just can't stay away
 
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The simple answer is that the payment is locked in until you sell.
The more complicated answer is that if your home value goes down markedly, you have a lot of negotiating leverage to go to the JC Tax Assessor and threaten to cancel your PILOT if he does not re-calculate it based on the new value, current interest rates and maintenance, as if it were just sold. After all, if you cancel a payment of 1.7% of purchase price in order to just pay 1.4% of its value under ordinary taxes, you come out ahead. That is why the PILOT deal is really a trade-off of paying more in the first years in exchange for the certainty of a fixed payment until you sell. Ordinary taxes are lower for around the first 5-6 years of a condo PILOT. The irony is, the average holding period of a condo in NJ is only 5 years so the City never loses since by the time the ordinary taxes catch up to the PILOT, you will have sold your unit and it will be recalculated at the new (potentially higher) sales price.
Posted on: 2009/9/9 1:18
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Re: Can Someone Explain CONDO PILOTS?
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Just can't stay away
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Thanks again, JCLAW.
Quick question. Since one of the benefits of having a pilot is being locked into your payment (right?), I assume it's correct that your payment can't be increased if you refinance your home (and the appraisal comes in higher than the original price) or if the Condo Association increases maintenance down the line. I know someone who posed this question to a person in the tax office and they were told that the pilot would go up. I told them they were misinformed, but I'd like to get your take.
Posted on: 2009/9/9 0:57
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Re: Blocking driveways..
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Home away from home
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Quote:
thats just insane.
Posted on: 2009/9/9 0:12
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Re: Support Redevelopment Pay-to-Play Reform - 9/9, City Hall, on agenda, public discussion, up for vote
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Home away from home
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Hopefully there will be a large turnout tomorrow night at the council meeting - and at the rally in front of City Hall at 5:30 before the meeting. Council members need to be held accountable for whatever votes they cast tomorrow (up, down or table) and the best way to do that is to be there and be heard.
Posted on: 2009/9/9 0:12
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Re: NJ transit to build pedestrian bridge from Hoboken to Newport
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Home away from home
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New York's Sixth:
Waterfront Walkway Opens, Scissors Not Required NJ.com: It's open! Waterfront walkway from Newport to Hoboken opened yesterday
Posted on: 2009/9/9 0:10
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Re: Blocking driveways..
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Home away from home
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Quote:
I saw him park his car and hog the space. Thank You very much! And yes it seems to always be people with so-called fancy cars. Saw a guy do the same thing near Torico's with his Hummer on Saturday night.
Posted on: 2009/9/8 23:51
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Re: Blocking driveways..
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Home away from home
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Quote:
this assumes that no one before this driver parked funny on this block, like too far from the corner, setting off the whole line-up. or perhaps there was a motorcycle parked there -- better yet, a vespa! -- or maybe even a teensy smart cart, which also would throw off the line-up. in other words, don't assume that this guy is a d-bag just because you resent the car he drives. or she. d-bagette.
Posted on: 2009/9/8 23:47
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Re: Blocking driveways..
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Home away from home
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Saw this today. The other 2 cars were already parked and this guy took 2 spots for his precious BMW. In other words? FU neighbor! Park somewhere else!! Nice.
Posted on: 2009/9/8 23:44
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Re: Can Someone Explain CONDO PILOTS?
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Just can't stay away
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It's
16% (plus city fees amounting to another 1.1 % so 16 really means 17.1%) x the sum of > annual mortgage principal and interest payment assuming a 20 year self liquidating loan at prevailing rates. + > annual condo association maintenance = TAXES So let's assume a $1mm condo of about 2,000 sq ft with $1500/month maintenance. Annual mortgage p+i at 5.75% rate is $85,423 and maintenance is $18,000 for a combined total $103,423. Take 17.1% of that for annual taxes of $17,685 or about 1.7% of purchase price. The higher interest rates and maintenance are at the time of purchase, the higher the taxes are.
Posted on: 2009/9/8 23:34
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Re: Bagua Juice - Out of Business
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Newbie
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this post is about bagua closing ... let's not use it to bash other businesses that are trying to survive in JC. and, by the way, have you even stopped by Jack's? whether you have kids or no kids the place is awesome. i bought myself an Ugly Doll just because ... and they have a TON of gift items that the other stores that were there never carried (not to mention hard to find kids toys). and no, i'm not the owner.
Posted on: 2009/9/8 23:29
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Re: Can Someone Explain CONDO PILOTS?
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Home away from home
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Pilots (payment in lieu of taxes) are different than abatements. With abatements you essential get a discount on the assessed value of the property lowering your tax responsibility.
Sometimes these are graduated over a period of time. Ex: Assessor says your taxable property value is 100,000 your abatement might discount that amount by 25% for the first few years then 15% for several more by the end you may only get 5% before the abatement expires. Pilots are different and somewhat arbitrary because you are not subject to the increases that everyone including abated properties are because Pilots are not pegged to actual property value. This is why abated properties DID see there taxes increase along with everyone else in this past hike..because they increased the % of tax paid on assessed value even if that value is discounted..pilots were not subject to that increase. This is just some basic info I don't think it explains the situation with Crystal Point. Maybe someone else could help out there.
Posted on: 2009/9/8 23:26
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Re: Can Someone Explain CONDO PILOTS?
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Home away from home
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just think of it as 1.7% down to ~1.1% per year, and increase per their schedule as the years pass. This makes CP's deal sweeter, i kinda regret not buying CP, the building looks so nice...but the valet only parking still sucks, oh well.
Posted on: 2009/9/8 23:13
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Re: Bagua Juice - Out of Business
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Not too shy to talk
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I'm sorry, but what drives someone to open a boutique toy store when two boutique toy stores in the same neighborhood (one in the same storefront - although I guess Imagine Atrium was a little different) shuttered within the last six months?
Posted on: 2009/9/8 22:21
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Re: Bagua Juice - Out of Business
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Home away from home
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It's sad to see another business go under.
However, with those crazy rents for such a small retail space, you would have to sell millions of juice smoothies to just make the monthly rent.... let alone make a profit. Land lords have gotten greedy. Have you ridden around a bus in NYC lately, almost every 5th store is empty and available. It's scary. They are saying that the commercial market is the next shoe to drop. Hopefully it will, and those obnoxious rents will come down, thus allowing the entrepreneur to come back and start business. Everybody should patronize the new Jacks Toy Shop which just opened up. I went in the other day and they have a nice selection of toys and games. At least they have an advantage. The toy stores in the mall - K-B Toys - went out of business. Not sure that we should be subsidizing businesses though. I pay enough taxes as it is and not happy about it as my property has declined in value significantly. FG
Posted on: 2009/9/8 22:10
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Can Someone Explain CONDO PILOTS?
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Home away from home
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Quote:
On June 1, McCann asked the council to extend the length of Crystal Point's abatement from 20 to 30 years, and reduce the percentage of annual gross revenue paid to the city from 16 to 10 percent for the first five years, with 12 percent payments for the next five years, and 16 percent payments for the final 20 years.On June 1, McCann asked the council to extend the length of Crystal Point's abatement from 20 to 30 years, and reduce the percentage of annual gross revenue paid to the city from 16 to 10 percent for the first five years, with 12 percent payments for the next five years, and 16 percent payments for the final 20 years. This is the requested and the granted redo of the Pilot Payments in lieu of taxes. So now what does this mean for a condo? What are Gross Revenues for 20 or 30 years? I clearly understand how a RENTAL earns Gross Revenue, but in a very few years the developer has sold all his product and has no further ownership? So then what gross earnings are the condo owners taxes on or "In-lieu of taxed" for? So it's 16% of WHAT for the last 20 years? It CERTAINLY cannot be 16% of the original purchase price.
Posted on: 2009/9/8 21:48
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Re: Paulus Hook Pizza
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Not too shy to talk
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Agree about the greasy pizza @ Paulus Hook. As far as the boxes for slices the only place I've seen them is @ Pizza Gargiulo on Greene Street. It does make a difference when you don't want to eat them right away. Their boxes are heavy & keep the slices hot
Posted on: 2009/9/8 21:28
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Re: Best Burger in JC
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Home away from home
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Posted on: 2009/9/8 21:28
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My humor is for the silent blue collar majority - If my posts offend, slander or you deem inappropriate and seek deletion, contact the webmaster for jurisdiction.
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Re: Jersey City Government Corruption Scandal - 16 arrested
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Home away from home
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Hey Vega,
Posted on: 2009/9/8 21:22
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My humor is for the silent blue collar majority - If my posts offend, slander or you deem inappropriate and seek deletion, contact the webmaster for jurisdiction.
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Re: NJ transit to build pedestrian bridge from Hoboken to Newport
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Quite a regular
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The bridge was open this afternoon when I got off the train at 4:30 pm. Not sure if it's official or if someone just took out the fence. They did a great job with the walkway. It's so nice just to be able to walk home from the train.
Posted on: 2009/9/8 21:20
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Support Redevelopment Pay-to-Play Reform - 9/9, City Hall, on agenda, public discussion, up for vote
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Home away from home
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City Hall
280 Grove St. Wednesday, September 9th, 6pm Redevelopment Pay-to-Play Reform Jersey City is experiencing a redevelopment boom of historic proportions that will shape our city for generations. New Jersey law grants local officials tremendous authority to make far-reaching decisions in the redevelopment process - including the taking of private land through eminent domain, changing the use and zoning of land, and awarding tax abatements and other financial incentives to re-developers. Such extraordinary powers should be exercised free from undue influence by contributors to campaigns and political organizations. A proposed Redevelopment Pay-to-Play Reform Ordinance, drafted by Civic JC and Citizens? Campaign, proposed by Councilman Fulop and unanimously introduced by the municipal council is on the Wednesday, September 9th council agenda for second reading, public hearing and possible vote. This ordinance would ban contributions, during a sensitive negotiation period, from developers who wish to do redevelopment within Jersey City. The ban would last from one year prior to negotiations through the completion of the redevelopment agreement. When it becomes law, the Redevelopment Ordinance will further expand ethics reform in Jersey City. It will help keep the public interest central to redevelopment decisions, and remove conflicts of interest, or the appearance of conflicts, from decision-makers.
Posted on: 2009/9/8 19:25
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Re: Bagua Juice - Out of Business
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Home away from home
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Someone mentioned to me that the owners of Bagua had another place down near Exchange Place.......don't know if it is true.........if that helps anyone missing their juice.
Posted on: 2009/9/8 19:01
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Re: Bagua Juice - Out of Business
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Home away from home
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Hmm, wonder what the rents are like at Hamilton Square, would be neat to have Bagua Juice in Hamilton Park!
Posted on: 2009/9/8 17:14
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Carpool Commuter Wanted (M-F, J.C. to Manhattan) - I drive
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Not too shy to talk
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Apologies if this isn't the right forum, but I've tried posting this on Craigslist without any success.
I am seeking a carpooler to join me for a daily commute into Manhattan: - Depart Hamilton Park area 7:45 AM, Monday-Friday - I drop you off any spot between Tribeca and Midtown - You chip in for expenses, but no more than cost of PATH ticket. - What's in it for me: Virtue of carpooling + HOV discount across the Holland Tunnel Please email me at AC211@columbia.edu Thanks.
Posted on: 2009/9/8 16:59
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Re: Bagua Juice - Out of Business
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Quite a regular
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Wow, I remember that bookstore on Grove st. I loved that place and was sad to see them go. The fabric store too. And its a shame about Imagine Atrium, my kids and I loved that place and I bought something as often as I could afford to because I believe a neighborhood needs a good bookstore. I didn't really go to Bagua because I make my own juices at home, but at the same time it sucks that we keep losing interesting independent buisnesses because of the cost of rent. I wish them well and hope something new and better will work out for them (the owners & employees of Bagua).
Posted on: 2009/9/8 16:26
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Re: City Council to Renegotiate Abatement For Developers
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Home away from home
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Quote:
while it could be possible that there were in fact no direct promises made for the campaign contributions made by these developers, there is a significant change in both the political climate and the public perception. continuing to claim that there is no quid pro quo, although the circumstances point otherwise, only demonstrates that our mayor's perspective is not based on reality and he is not sensitive to public opinion. what is increasingly disappointing to many in the city are the half-hearted attempts by city hall to deal with the political and reputational fall-out of the july 23 arrests. it seems that the mayor continues with the traditional modus operandi of shifting the financial burden to taxpayers, who continue to pay the price of development. lowering the PILOT levels will further weaken the critical state of the city's collapsing infrastructure .... we need a p2p reform and we need it now, so that the influence of developers on the rest of the city can be curtailed.
Posted on: 2009/9/8 16:21
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Re: Jersey City Government Corruption Scandal - 16 arrested
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Just can't stay away
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Mr. Vega, the "fact" is that you accepted a bribe while serving as an elected official in Jersey City. Do the right thing (this time) and resign from the City Council.
PS--Please stop listening to whoever is feeding you these ridiculous lines to give to the press; they're making you sound even more pathetic. [quote] "I will do whatever it takes to clear my name," Vega said. "I'm just glad this is not Salem, Massachusetts, where they burned the witches before putting them on trial, as some people want to get me out of office before hearing all the facts."
Posted on: 2009/9/8 16:10
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Re: Bagua Juice - Out of Business
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Home away from home
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As it happens, isn't that where Grove Street Books used to be? They left because of the rent hikes.
I've heard that some of the businesses on Grove near City Hall get rent subsidies -- just heard, but I think I heard it here even -- couldn't someone subsidize a freaking bookstore? Garrad (Imagine Atrium) held discussion groups and film screenings and took an interest in the community and just couldn't make a go because the landlords weren't in JC and didn't care about whether the store was good for the community. He tried to work with them every way he could, but they were not in the least flexible to allow him to stay open. I'm not saying an investor shouldn't make their coin, but if profiteering is the only motivation for any business decision, there's no avenue for small businesses that improve quality of life but don't make a lot of income to flourish, and the community loses. Frankly, I find that most small business owners take that balance into account and are flexible because their customer base is in the community. An out-of-town landlord with no investment other than the $ has no incentive to care.
Posted on: 2009/9/8 16:02
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Re: Dear Mayor, City Councilwoman Viola Richardson and Police Department?
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Just can't stay away
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Hi concerned-citizen,
there is a neighborhood watch in the area and if you'd like to join, you can email lafayetteblockwatch@comcast.net Also, there are cameras slated to go into the area as part of the UEZ CCTV program. We have requested cameras at the Dr. Lena Edwards Park, and at the Morris Canal Redevelopment meeting last week, the Captain said he requested even more than just having cameras there, that it would be one of the places that gets put into police cars so that they can monitor the park no matter where they are in the district, which would be great. Councilwoman Richardson also showed up at the meeting and agreed to work on better lighting situations there and to get signs posted regarding the closing time, no drinking, and dogs must be leashed. So please let us know when you see those go in. I love that you are calling attention to the issue, and encourage you to continue to do so. The squeaky wheel, ya know. Please also consider attending the Captain's meetings that happen once a month at the school on Bright Street (Sep 22 this month) and there is a Ward F meeting at the Mary Bethune center on MLK Sep 22 as well. Thank you for caring about our neighborhood.
Posted on: 2009/9/8 15:15
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Re: Blocking driveways..
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Home away from home
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Quote:
That's all anybody's been saying. You've been saying that would be a sociopathic and criminal act. Jeez.
Posted on: 2009/9/8 14:46
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