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Re: $93 million tax break for Journal Square
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Plans for Jersey City tower show Journal Square transformed

By Terrence T. McDonald | The Jersey Journal
  December 03, 2015 at 5:00 PM

JERSEY CITY — New renderings of the 56-story tower slated for a lot near the PATH transportation hub show just how unrecognizable Journal Square may be in a few years.

The $400 million high-rise, dubbed One Journal Square and courtesy of Kushner Companies and KABR Group, is part of a planned two-tower project proposed for a long-vacant lot across the street from the old headquarters of The Jersey Journal.Read more:  http://www.nj.com/hudson/index.ssf/20 ... ns_for_journal_squar.html


Posted on: 2015/12/4 7:34
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Re: $93 million tax break for Journal Square
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Kushner lands energy incentives for Jersey City tower

REAL ESTATE WEEKLY By •   December 1, 2015

New Jersey Board of Public Utilities has approved energy-efficiency incentives for a new 54-story, mixed-use residential building currently under construction in Jersey City.

Kushner Real Estate (KRE) Group received $686,731 through New Jersey’s Clean Energy Program (NJCEP) Pay for Performance program for Journal Squared I.

The incentives will make possible more than $1.2 million in upgrades that will result in expected annual energy savings of over $150,000.

Read more:  http://rew-online.com/2015/12/01/kush ... es-for-jersey-city-tower/


Posted on: 2015/12/2 1:16
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Re: $93 million tax break for Journal Square
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You can't change history, Fulop said this is welfare for corporations for Goya. I am not receiving any tax benefits from the state of NJ. So my business is not open up for public discussion. If KRE did not received tax credits or a future tax abatements, then their business should not be open up to public discussion. It is when you go the the public trough then your business becomes our business. I can only say, Fulop's people are running scared.

Posted on: 2015/11/15 13:37
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Re: $93 million tax break for Journal Square
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Quote:

radryan03 wrote:
...
what are the 10/20/30 year job and tax revenue projections at both the municipal and state level? What economic benchmarks for KRE developments exist and in what other markets have they been successful? What are the derived economic benefits from current developments and the increased municipal revenue?
...


Exactly the right questions to ask.

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Yvonne wrote:
...
You know, I don't mind being attacked, but most likely I am paying your salary from my taxes.


No.You didn't pay your fair share on your VVP brownstone. And you most certainly are not paying my salary now. You didn't answer my earlier question - who has bought you?

Posted on: 2015/11/14 2:48
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Re: $93 million tax break for Journal Square
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Wow, Fulop's people are desperate, the city will a tax abatement, $93 million in state 'freebies' and you are attacking a person who sold their home and a person who ran for office? The irony - I saw Jared Kushner during the summer at the same site that is in the picture of the JJ. I turned to my husband and said, "I wonder what goodies he will get?" Well now we know. So sorry, I did not have my camera. Perhaps, I should re-phrase that, I saw Jared Kushner, son-in-law to Donald Trump, who said, "I buy politicians."
You know, I don't mind being attacked, but most likely I am paying your salary from my taxes.

Posted on: 2015/11/14 0:34
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Re: $93 million tax break for Journal Square
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"WeWork told the EDA it expects to create 723 new jobs out of the Jersey City location."

I am curious as to what they mean by "create" jobs. WeWork is co-working space. The job creators are the practitioners and entrepreneurs who use their space. WeWork isn't going to create any jobs except for maybe a few maintenance and office manager and sales type positions. Even the tenants at We Work may or may not "create" jobs. They are already working and are just using the space.

Unless they are referring to construction jobs to build out the space, but I can't imagine there being 723 of those.

That's not to say there is no benefit to having a space like that there. You'll bring lots of small businesses, startups, and entrepreneurs there and have more economic activity in the Square. And the co-working space trend may be a longer term boon to job creation. But WeWork is not much more than a trendier version of Regus office space.

Posted on: 2015/11/13 23:48
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Re: $93 million tax break for Journal Square
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N.J. awards $93M in tax breaks to Journal Square tower

By Terrence T. McDonald | The Jersey Journal
November 13, 2015 at 5:38 PM

The state Economic Development Authority today approved $93 million in New Jersey tax credits for One Journal Square, the high-rise proposed for a long-vacant lot adjacent to the PATH transportation hub in Jersey City.

The $400 million high-rise, which could house up to 744 residential units, will receive $34 million in tax breaks over 20 years. A separate tax break totaling $59 million over 10 years will go to WeWork, the trendy office space provider that will be a tenant in the tower's 101,000 square feet of office space.

Read more:  http://www.nj.com/hudson/index.ssf/20 ... _journal_square_resi.html


Posted on: 2015/11/13 23:23
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Re: $93 million tax break for Journal Square
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ok, yes to the prior administration tax increases, but then what? instead of cutting or recinding, the new administration continues to pile on and raises taxes more. at minimum, it accepts and validates the prior increases.



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dtjcview wrote:
Quote:

Yvonne wrote:
There is no such thing as affordable housing. You are just transferring your tax burden onto someone else, it is the real reason 2,300 taxpayers went in lien in 2013. They could not afford to pay everyone's tax burden. The goal should be affordable taxes. But how can we have this when Fulop spending has increased $50 million since 2012. It is in the budget, look it up.


Compared to Healy? I seem to remember an 80% increase in my property taxes under Healy. Less than 10% under Fulop is a win.

Yvonne - you have a serious sand in your crotch problem with Fulop. Get over it. Raise concerns by all means - but spare us the paranoia.

Posted on: 2015/11/13 15:38
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Re: $93 million tax break for Journal Square
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Have you ever worked a real estate deal? Because you are clearly an expert on how they are structured and should be structured for all situations ever.

Yvonne "real estate and abatement expert" - can you please outline the economics of the deal - what are the 10/20/30 year job and tax revenue projections at both the municipal and state level? What economic benchmarks for KRE developments exist and in what other markets have they been successful? What are the derived economic benefits from current developments and the increased municipal revenue?

Quote:

Yvonne wrote:
Quote:

dtjcview wrote:
Quote:

Yvonne wrote:
...
Yes, Trump is correct, you can buy politicians.


...and who bought you? Own up.


It is obvious KRE has brought Fulop - Redevelopment loans and 30 years tax abatement right next to prized PATH in Journal Square.

Posted on: 2015/11/13 14:16

Edited by radryan03 on 2015/11/13 14:39:47
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Re: $93 million tax break for Journal Square
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Quote:

dtjcview wrote:
Quote:

Yvonne wrote:
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Yes, Trump is correct, you can buy politicians.


...and who bought you? Own up.


It is obvious KRE has brought Fulop - Redevelopment loans and 30 years tax abatement right next to prized PATH in Journal Square.

Posted on: 2015/11/13 13:52
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Re: $93 million tax break for Journal Square
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Yvonne wrote:
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Yes, Trump is correct, you can buy politicians.


...and who bought you? Own up.

Posted on: 2015/11/13 3:55
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Re: $93 million tax break for Journal Square
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Yvonne wrote:
There is no such thing as affordable housing. You are just transferring your tax burden onto someone else, it is the real reason 2,300 taxpayers went in lien in 2013. They could not afford to pay everyone's tax burden. The goal should be affordable taxes. But how can we have this when Fulop spending has increased $50 million since 2012. It is in the budget, look it up.


Compared to Healy? I seem to remember an 80% increase in my property taxes under Healy. Less than 10% under Fulop is a win.

Yvonne - you have a serious sand in your crotch problem with Fulop. Get over it. Raise concerns by all means - but spare us the paranoia.

Posted on: 2015/11/13 3:51
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Re: $93 million tax break for Journal Square
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There is no such thing as affordable housing. You are just transferring your tax burden onto someone else, it is the real reason 2,300 taxpayers went in lien in 2013. They could not afford to pay everyone's tax burden. The goal should be affordable taxes. But how can we have this when Fulop spending has increased $50 million since 2012. It is in the budget, look it up.

Posted on: 2015/11/13 3:11
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Re: $93 million tax break for Journal Square
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Wishful_Thinking wrote:
I don't understand what the problem is here. Tax breaks are seen as a "loss leader", anticipating more revenue from other sources to make up.

The problem is that Yvonne hates both tax abatements and Fulop.

For the rest of us, it's not necessarily an issue. Some people fume about the abatements, some don't.

FYI, Fulop's latest plan for abatements and affordable housing is described in this article.

http://www.nj.com/hudson/index.ssf/20 ... ax_breaks_boosting_a.html

Posted on: 2015/11/13 3:01
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Re: $93 million tax break for Journal Square
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I don't understand what the problem is here. Tax breaks are seen as a "loss leader", anticipating more revenue from other sources to make up.

Posted on: 2015/11/13 2:45
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Re: $93 million tax break for Journal Square
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When Fulop was councilman he called this welfare. It is still welfare, but again, it is not Healy. That is the difference. The state gives this, Fulop gives Redevelopment Loans, and the public subsidized the cost with tax abatement. Yes, Trump is correct, you can buy politicians.

Posted on: 2015/11/12 23:48
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Re: $93 million tax break for Journal Square
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Yvonne - your posts are like trying piece together the mumblings of a schizophrenic cocaine addict.

The entity WeWork - it's kinda cool they would put something in JS. Their model is to provide a trendy and affordable shared office space for many little companies and entrepreneurs. The office spaces have a history of incubating new ideas and business (a driver for future tax revenue). I'd argue this tax break makes sense.

Posted on: 2015/11/12 22:15
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Re: $93 million tax break for Journal Square
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Stop the rationalization, the same people who donate to Fulop are the same people who donate on the state level. What is amazing, your gullibility. I suggest you read Fulop's campaign contribution list. It is an eye opener. It is fulled of lawyers, consultants and their families, people who receive contracts in JC. Even Fulop admits we give $100 million a year in contracts.

Posted on: 2015/11/12 21:40
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Re: $93 million tax break for Journal Square
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Quote:

Yvonne wrote:
I do know Councilman Fulop says this type of tax break for businesses are welfare for corporations, he made the statement for Goya but apparently, it is now great news. This is for Kushner who is now related to Donald Trump by marriage of the children. What did Trump say at the first debate? "I buy politicians."

This makes even LESS sense than your first post.

These abatements will be approved by the state's Economic Development Authority. Fulop isn't making the decision.

Your chain of slanderous association is also ridiculous. Fulop is not taking marching orders from Trump, and the EDA is not taking marching orders from Fulop.

Maybe you need a vacation.

Posted on: 2015/11/12 21:16
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Re: $93 million tax break for Journal Square
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I do know Councilman Fulop says this type of tax break for businesses are welfare for corporations, he made the statement for Goya but apparently, it is now great news. This is for Kushner who is now related to Donald Trump by marriage of the children. What did Trump say at the first debate? "I buy politicians."

Posted on: 2015/11/12 20:35
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Re: $93 million tax break for Journal Square
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You do realize that your complaint here makes no sense whatsoever?

Seriously, it's a total non sequitur. The state's decision to award tax breaks has absolutely nothing to do with Bayonne improperly providing health care to a few of its council members... or the price of tea in China.

Posted on: 2015/11/12 16:55
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$93 million tax break for Journal Square
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http://www.nj.com/jjournal-news/index ... ossible.html#incart_river

I just opened the printed addition of JJ, page 6 has the story on the $93 million tax breaks but page 7 has a story of Bayonne council people who earn around $21,000 - $26,000 a year but they must pay back their health cost which is a violation of state law. But it is legal to give wealthy people tax breaks but illegal to give someone health insurance with an income in the low 20s.

Posted on: 2015/11/12 15:57
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