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Re: New tax break for Hyatt Hotel
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Home away from home
 
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Secaucus is not on the waterfront and guess what, the town is full of hotels without long term abatements.
Posted on: 2014/6/12 2:24
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Re: New tax break for Hyatt Hotel
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Home away from home
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2004/2/6 23:13 Last Login : 2021/7/30 1:08 From Jersey City
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the pro abatement argument is - what if? what happens if Jersey City does not grant this subsidy?
Posted on: 2014/6/12 2:11
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Re: New tax break for Hyatt Hotel
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Home away from home
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Do you realize JC was worth more in 1988 after the reval? The city went up from $800 million to around $6.5 or $6.7 billion. Tax appeals reduced the city value but abatement properties are not added to the ratable base, so today, the county tax assessor take $5.8 billion to give our tax bill. What keep the assessment artificially low are the tax abatements that are handed out. At one point, in the early 1990s the ratable base was as low as $5.1 billion but luckily some abatements have expired. Abatements means the average Joe or Jill is paying high taxes because someone is getting a deal. Even Fulop announced to the city council during the budget process, some abatements have expired (Tower of America is one) and taxes will drop because the ratable base increase. I checked the county tax assessor and he agreed with Fulop's numbers.
Posted on: 2014/6/11 18:44
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Re: New tax break for Hyatt Hotel
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Home away from home
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Oh please.
You do realize the taxes the city will take from the occupancy tax? The jobs created...and by the way, most of them will not be jobs that 07302/07310 will be interested in... Please save the histrionics for people who can't see through the agenda. The only problem with abatements is we don't have more of them.
Posted on: 2014/6/11 17:07
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Re: New tax break for Hyatt Hotel
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Home away from home
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I will not mention the address, but a person in the Van Vorst area took out permits and the city raise their assessment 80% with a hefty tax increase. But yea, they are only the "little folks."
Posted on: 2014/6/11 1:55
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Re: New tax break for Hyatt Hotel
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Home away from home
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2009/5/15 4:26 Last Login : 2017/12/25 1:59 From here to eternity
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effectively, steve has sold out ... only took him a year
Posted on: 2014/6/11 1:13
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Re: New tax break for Hyatt Hotel
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Home away from home
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No, no, no, no, no, no.
Posted on: 2014/6/11 0:12
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Re: New tax break for Hyatt Hotel
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Home away from home
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Jersey City may give Downtown hotel developer 20-year tax abatement
By Terrence T. McDonald/The Jersey Journal on June 10, 2014 at 8:13 AM The developer of a luxury Hyatt hotel planned for Jersey City's Waterfront is seeking a 20-year tax break, one that the City Council may give initial approval to tomorrow. In exchange for the 20-year abatement, the developers, North Carolina-based Concord Hospitality, will give $286,526 to the city's Affordable Housing Trust Fund. The city says the deal would bring in $816,932 annually, versus the $246,378 in taxes the property owner currently pays on the site. The $40 million hotel is set for an existing, 94-year-old building at 1 Exchange Place, just steps from the Exchange Place PATH station. The city estimates the 253-room hotel will bring in roughly $800,000 annually in hotel occupancy taxes to the city. Mayor Steve Fulop generally opposed long-term tax breaks for Downtown developments when he was a member of the City Council. Last year, after he was elected mayor, he drafted a new policy that restricts most Downtown abatements to five years, while offering longer term tax breaks for projects in underdeveloped portions of the city. But that restriction doesn't pertain to commercial developments, which can receive 30-year abatements no matter where they are located, according to the new policy. Read more from the Jersey Journal
Posted on: 2014/6/10 23:41
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Re: New tax break for Hyatt Hotel
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Home away from home
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the administrated has stated that they want to lure development away from the waterfront and downtown, and encourage it in the inner city. they would do this by providing fewer perks for building on the waterfront and greater benefits for building in Journal Square, Bergen Lafayette and Greenville.
instead, on this weeks council agenda, there are two first reading tax abatement ordinances, this one for 20 years on the waterfront and a 2nd for only 5 years in Bergen Lafayette (550 Grand). keep in mind that the abatement is only for the building (not the business). there may be other business and employment incentives (subsidies and tax breaks) from the state.
Posted on: 2014/6/10 22:00
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Re: New tax break for Hyatt Hotel
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Quite a regular
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Quote:
Anoyther interesting detail- This same law firm (Decotiis, etc.) just announced hiriing of Healy's top lawyer Bill Matsoukidis. Interesting..... http://www.nj.com/hudson/index.ssf/20 ... lop-aligned_law_firm.html
Posted on: 2014/6/10 18:12
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Re: New tax break for Hyatt Hotel
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Home away from home
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A month ago, 165 Bay Street only got a 5 year abatement, not 20 years, if they were smart they should have used DeCotiis.
Posted on: 2014/6/10 14:02
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Re: New tax break for Hyatt Hotel
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Home away from home
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Quote:
Of course, having the bi-partisan Port Authority (yes, co-Governor Cuomo is a Democrat) helping a Hudson County Democratic run town like Bayonne raises suspicions of Republican Christie?? To my view, getting the PA to help out a NJ town like Bayonne means that NY funded half the bailout!
Posted on: 2014/6/10 13:23
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Re: New tax break for Hyatt Hotel
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Home away from home
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http://www.nytimes.com/2014/06/07/opi ... bles.html?ref=todayspaper
http://www.nytimes.com/2014/06/09/nyr ... rch&mabReward=relbias%3Ar I suspect it is stuff like this that is more likely to have people across the political spectrum giving the finger to CC.
Posted on: 2014/6/10 13:15
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Re: New tax break for Hyatt Hotel
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Home away from home
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Shocking! We should have a committee investigate this! Isn't this the sort of arrangement that has the left pointing fingers at our Governor? Oopsie!
Posted on: 2014/6/10 13:05
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Re: New tax break for Hyatt Hotel
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Home away from home
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It is also another political deal, Decotiis is the law firm representing the developer and DeCotiis is the firm that just received the $350m contract with the MUA, and just recently, a contract with the County.
The DeCotiis Law Firm The powerful family firm was in the backrooms in Fulop's corner throughout the contest .... http://www.decotiislaw.com/news/2013/ ... r-njs-winners-of-the-week
Posted on: 2014/6/10 12:56
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Re: New tax break for Hyatt Hotel
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Home away from home
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The whole stretch of waterfront between Owen Grundy Park and Colgate was given away to corporations without no foresight nor planning. The section screams out for cafes and small retail stores. How tough would it have been to insist on some first-floor retail space?
Posted on: 2014/6/10 10:42
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Re: New tax break for Hyatt Hotel
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Home away from home
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Quote:
Posted on: 2014/6/10 5:42
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Re: New tax break for Hyatt Hotel
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Home away from home
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Is that really the best they could do for a waterfront site that's going to represent Jersey City in the eyes of people in Manhattan? What a piece of garbage...between that and URL Harborside the waterfront is beginning to become a collection of terrible architecture. Why can't the JC waterfront get something at least somewhat vibrant and/or imaginative? Ugh.
Posted on: 2014/6/10 4:45
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Re: New tax break for Hyatt Hotel
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Home away from home
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Monroe it will probably/hopefully be an Andaz, one of their brands in their portfolio to cater to a different demographic.
Posted on: 2014/6/10 3:12
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Re: New tax break for Hyatt Hotel
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Just can't stay away
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Do they plan on keeping the old building? I thought Subway/DD, a Bank and Cosi was shutdown due to cracks on the building and was to be demolished.
I don't have a problem with it if they make it a 10 year abatement with 90% Jersey City Hotel staff. We are not a tiny town and have over 250K population. The Hotel is right next to a Light rail and Path stop and we could find few hundred qualified employees to help run it.
Posted on: 2014/6/10 3:07
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Re: New tax break for Hyatt Hotel
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Home away from home
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looks like an ugly building to me....a mishmash
Posted on: 2014/6/10 2:00
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Re: New tax break for Hyatt Hotel
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Home away from home
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Quote:
Thank-you for the enlightenment - one of your better posts ! This then shows how other administrations were complicit with the stupid idea of abatements at tax payers cost - At least the current Mayor had voiced his concern as far back as a councilman and now with the authority of Mayor, can facilitate change in legislation.
Posted on: 2014/6/10 1:56
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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: New tax break for Hyatt Hotel
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Home away from home
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I was around in the 1980s when Colgate decided to close its factory because they said their land was worth more. The Colgate Redevelopment plan was formed. The developers did not ask for an abatement, the idea came from Mayor Cucci who offer them an abatement because JC needed $20 million for the public school according to the state, then Mayor McCann came into office and reduced the terms. Colgate Redevelopment developers never asked for the abatement, it was government.
Posted on: 2014/6/10 1:49
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Re: New tax break for Hyatt Hotel
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Home away from home
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2005/6/8 3:24 Last Login : 2022/11/28 0:04 From New Urbanist Area
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I am not sure what Ms. Morrill meant by "entitled." I am guessing that she means that it is in accordance with the Mayor's "Tier" guidelines, which gave a 30 year abatement to any commercial (hotel, office or retail) property. That is what a developer can get under the guidelines, but that just gives rise to the question as to whether the guidelines are appropriate. I think it's good that we have the guidelines but one can make the argument that they are too generous in many cases.
I don't think we have a Crystal Point/77 Hudson case where one developer is saying that they are entitled to something because the other developer got one. Perhaps a developer who doesn't get an abatement can say that it is arbitrary to deny them one if they are in the guidelines, but I would encourage corp counsel to fight that argument.
Posted on: 2014/6/10 1:34
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Re: New tax break for Hyatt Hotel
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Home away from home
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Abatements to hotel developers, and abatements to condo/apt developers are hardly apples to apples.
Hotels guests pay occupancy taxes and are unlikely to use much in the way of City and County services. Can't see them taking up preK places for example.
Posted on: 2014/6/10 1:26
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Re: New tax break for Hyatt Hotel
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Home away from home
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some developments are good, commercial development that provides jobs even better, but the developer is not entitled to anything. nothing. it is the city council that approves and grants these tax subsidies. it was bad before, it is bad now.
Posted on: 2014/6/10 1:22
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Re: New tax break for Hyatt Hotel
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Home away from home
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Is this in addition to the existing Hyatt, or will it replace it? If it replaces it, the net gain in permanent jobs will be small, no??
Posted on: 2014/6/10 1:19
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Re: New tax break for Hyatt Hotel
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Home away from home
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If someone or thing is 'entitled' then one's power to change that entitlement is void:
en?ti?tle [en-tahyt-l] Show IPA verb (used with object), en?ti?tled, en?ti?tling. 1. to give (a person or thing) a title, right, or claim to something; furnish with grounds for laying claim: His executive position entitled him to certain courtesies rarely accorded others. I have little doubt that the Mayor will have his legal team looking at every loop-hole to avoid it in the future, but his hands would be tied for now. It was Healy that created this 'monster' of abatements at the cost of other stakeholders, residents and tax payers
Posted on: 2014/6/10 1:05
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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: New tax break for Hyatt Hotel
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Home away from home
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What does hate has to do with facts? I saw Councilman Fulop attack Mayor Healy for the same thing. I give no one a pass on giving out abatements, especially waterfront abatements.
Posted on: 2014/6/10 0:39
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Re: New tax break for Hyatt Hotel
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Home away from home
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Quote:
There is so much hate in you Yvonne. City spokeswoman Jennifer Morrill said the proposed tax break for the new hotel "makes sense," and noted that the developer was "entitled" to 30 years, not 20. As this statement highlights; 'entitled' as a precedent was set and they could claim 'parity' - It is difficult even for a Mayor to change legislation without a legal challenge to that change from stakeholders. Personally, Yvonne you should never be allowed in any public service role as it is clear you are bias, prejudicial and self-righteous. Most JClisters will 'can' both parties or public officials if they screw up and but a few, have a blind allegiance with a party or person as you do.
Posted on: 2014/6/9 23:52
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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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