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Re: 25-year tax break on tap for new Downtown Jersey City tower
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Home away from home
 
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A dollar a year for 99 years, sorry, I don't buy this. This is another example of a sweetheart deal. It still does not change the fact that the city could transfer property to the board of ed for one dollar. Why have unncessary debt?
By the way, everyone here would like that deal even if it means maintaining property.
Posted on: 2016/12/11 22:03
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Re: 25-year tax break on tap for new Downtown Jersey City tower
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Home away from home
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As usual, Yvonne is playing with the facts by leaving out important details... The LSP moro-brewery and bowling alley project will be taking responsibility for the maintenance of roads in its vicinity, and will be adding a walkway and public area behind they location, joining what was previously a hard to reach area to the rest of LSP. Those are public use improvements and a smart move by the city. I am not familiar with the second street project, but I am sure if I look into it, there is something to justify the deal they got.
Posted on: 2016/12/11 20:25
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Re: 25-year tax break on tap for new Downtown Jersey City tower
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Home away from home
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No, soulman, there is no payment.
Posted on: 2016/12/11 19:57
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Re: 25-year tax break on tap for new Downtown Jersey City tower
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Just can't stay away
 
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Surely there was some sort of payment due based on the revenue of these projects, and not just a $1./year lease.
Posted on: 2016/12/11 18:44
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Re: 25-year tax break on tap for new Downtown Jersey City tower
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Home away from home
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If the city can afford to give 99 year lease for one dollar a year for two developments then it can afford to give the board of ed property for one dollar. The two leases I am referring is the charging station on Second St. and bar/bowling alley in LSP.
Posted on: 2016/12/11 18:35
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Re: 25-year tax break on tap for new Downtown Jersey City tower
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Home away from home
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jj comment Quote: ?The 25 Columbus Dr. project is located in the first tier, which allows it a 10-year tax break unless the project is considered "mixed income." That raises the maximum abatement term to 30 years.?
Posted on: 2016/12/11 14:29
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Re: 25-year tax break on tap for new Downtown Jersey City tower
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Home away from home
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If this deal is consistent with previous attempts to do this, the school will pay that (and more) over time (same as debt service) via a "market rate" lease.
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Posted on: 2016/12/11 13:23
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Re: 25-year tax break on tap for new Downtown Jersey City tower
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Home away from home
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I'd say an idiot is someone who blindly hands his money over without questioning where it goes. How have the Democrats done with their control of our inner cities?
Posted on: 2016/12/11 5:32
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Re: 25-year tax break on tap for new Downtown Jersey City tower
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Home away from home
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Here is a link to the cost for the newly completed P.S. 20.
Total Estimated Project Costs $49.3 Million Total Construction Costs $28.7 Million https://www.njsda.gov/NJSDA/Schools/sc ... &SchoolName=Number+20+E.S So even if all the tax revenue from the new building was dedicated to building a new school, it would take quite a while to raise the money to build it. I still think a better deal should be made.
Posted on: 2016/12/11 2:37
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Re: 25-year tax break on tap for new Downtown Jersey City tower
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Home away from home
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Ordinarily I would say that maybe $$$ for Fulop's governor campaign has to do with it, but since he dropped out, I really don't know. Doesn't make any sense. It's such a hot market and there's absolutely no need to give a 25 year abatement.
Posted on: 2016/12/10 20:20
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Re: 25-year tax break on tap for new Downtown Jersey City tower
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Home away from home
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If the amount of property taxes assessed on this building would normally be $1.1 million per year (and even that seems low), Jersey City could build and fund plenty of its own schools with a few years of that tax money. I actually agree with Yvonne here, the school being in the building is just a ploy to attract residents and the developers won't pay any of its operating costs once they transfer to the city.
Downtown developers should not be getting ANY tax abatements in downtown - there are plenty of developers who would build there any pay the full amount of property taxes. Journal Square, Greenville or the Heights would be a different story. Why do they keep doing this with downtown?
Posted on: 2016/12/10 19:59
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Re: 25-year tax break on tap for new Downtown Jersey City tower
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Home away from home
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I don't know who this question is posed to but in the past, City Hall would transfer land to the Board of Ed for one dollar. The issue was to build schools not drive up debt.
Posted on: 2016/12/10 19:11
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Re: 25-year tax break on tap for new Downtown Jersey City tower
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Home away from home
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How much would it cost to acquire land for and build the school?
Posted on: 2016/12/10 18:59
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Re: 25-year tax break on tap for new Downtown Jersey City tower
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Home away from home
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The public school will be used as an advertisement ploy to have families choose their building over their competitor building. In the meanwhile, not one penny from this building will go to fund this public school.
Posted on: 2016/12/10 16:42
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Re: 25-year tax break on tap for new Downtown Jersey City tower
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Home away from home
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Quote:
hero69 is right. This is why people voted for Trump: they're a bunch of idiots that don't know how the world works.
Posted on: 2016/12/10 16:40
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Re: 25-year tax break on tap for new Downtown Jersey City tower
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Home away from home
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I'm sick of tax abatements myself, but I wonder what you think Donald Trump would do about this? On the business side, Trump would be eating up abatements like candy. On the government side, Trump would be doling them out like candy. If you doubt me, just look at the Carrier deal. He gave millions of dollars to a company that's moving a bunch of jobs to Mexico. Trump is exactly the problem that you're complaining about. At least this abatement includes a new public school, so we're getting something out of it.
Posted on: 2016/12/10 16:01
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Re: 25-year tax break on tap for new Downtown Jersey City tower
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Home away from home
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Where is the line to sign up so the city can float bonds my home?
Posted on: 2016/12/10 15:56
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Re: 25-year tax break on tap for new Downtown Jersey City tower
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Home away from home
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Quote:
Stringer wrote:
Posted on: 2016/12/10 5:10
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Re: 25-year tax break on tap for new Downtown Jersey City tower
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Home away from home
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where do you live, bro?
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Posted on: 2016/12/10 4:53
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Re: 25-year tax break on tap for new Downtown Jersey City tower
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Home away from home
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Isn't there any way to rescind the "blighted" designation, terminate the redevelopment zone, take abatements off the table and end this nonsense? DTJC is no longer blighted. If at this point this project can't be build without goodies something is seriously wrong.
Posted on: 2016/12/10 4:26
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Re: 25-year tax break on tap for new Downtown Jersey City tower
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Home away from home
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this is insanity. more subsidies, enough already, as if the land wasn't valuable enough and would not be developed regardless. the city is handing the land owners a direct subsidy. if it is not dirty, it leaves one at least feeling that their is a quid pro quo.
Posted on: 2016/12/10 4:14
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Re: 25-year tax break on tap for new Downtown Jersey City tower
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Home away from home
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I'd say by now abatements are not needed to get developers into Jersey City. As far as the 10% affordable housing. I don't agree with that either. The people who get these deals are usually ones with political ties. Seems unfair to me that some people living in crime ridden neighborhoods have to pay more that those living in luxury.
Posted on: 2016/12/10 3:25
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Re: 25-year tax break on tap for new Downtown Jersey City tower
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Home away from home
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Make it 10% affordable housing, and make it a full K-5 school, and it's a good deal.
Posted on: 2016/12/10 3:17
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Re: 25-year tax break on tap for new Downtown Jersey City tower
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Home away from home
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The abatement could save the developers as much as $71 million over the course of 25 years.  Maybe DTJC really needs another big apt building. Fuk development in Greenville, West Side Ave, Central Ave et al
Posted on: 2016/12/10 2:15
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25-year tax break on tap for new Downtown Jersey City tower
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Home away from home
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25-year tax break on tap for new Downtown Jersey City towerBy JERSEY CITY -- City officials are asking the City Council to approve a 25-year tax break for a 52-story, 750-unit high-rise slated for a Columbus Drive parking lot. The deal would also include $1 million in city-issued bonds, known as redevelopment area bonds, the city said will fund infrastructure improvements on the site, to be known as 25 Columbus Dr. The $364 million tower will include a new public school for pre-k, kindergarten and first grade students, a 200-student facility touted in September by Mayor Steve Fulop as an "innovative" public-private partnership that provides the city with a new school "without spending a dime." Read more: http://www.nj.com/hudson/index.ssf/20 ... ew_downtown_jersey_c.html
Posted on: 2016/12/10 1:32
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