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Re: $120,000 to rent space for police brass in Journal Square
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Not too shy to talk
 
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Seems like a good deal to me. They save $150,000 in operating costs, add $300,000 in property taxes to the rolls, a one time influx of $1.9M for the sale of the property. That's a net annual gain of $430k.
Posted on: 2012/7/9 15:37
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Re: $120,000 to rent space for police brass in Journal Square
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Home away from home
 
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2012/1/11 18:21 Last Login : 2019/12/26 15:30 From GV Bayside Park
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This city loves to spend money it does not have... What a waste of funds.
Posted on: 2012/7/6 12:42
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$120,000 to rent space for police brass in Journal Square
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Home away from home
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Jersey City paying additional $120,000 to rent space for police brass in Journal Square
July 05, 2012, 4:57 PM By Terrence T. McDonald/The Jersey Journal Jersey City will pay an additional $120,164 annually to lease the fourth floor of a Journal Square office building for Police Department brass. The Police Department started moving from its headquarters at 8 Erie St. today, as part of the city?s efforts to streamline operations. Its new home at One Journal Square Plaza, owned by developer and former Democratic bigwig Joseph Panepinto, also houses other city offices on its second and third floors. Taxpayers had been on the hook for paying $667,292 annually to rent the second, third and a portion of the fourth floors of One Journal Square Plaza, located at Kennedy Boulevard and Cottage Street. The addition of the entire fourth floor, for a total of 10,924 additional square feet, brings annual rent of the office space to $787,456. Among the police departments that moved to Journal Square yesterday are the offices of the chief and the police director and the internal affairs unit. The move will save the city money, according to a memo Business Administrator Jack Kelly sent to City Council members on May 16. The council approved the new lease conditions the following week. Eight Erie St., which is set to be sold Brunelleschi Construction of Jersey City for $1.9 million, is ?functionally obsolete? and requires major capital improvements, Kelly writes in the memo. Operation expenses for the Erie Street facility are $150,000 annually, while the city expects to generate more than $300,000 in property taxes from the site once the Brunelleschi development is complete, he adds. http://www.nj.com/hudson/index.ssf/20 ... ty_paying_additional.html
Posted on: 2012/7/5 23:50
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