Register now !    Login  
Main Menu
Who's Online
86 user(s) are online (68 user(s) are browsing Message Forum)

Members: 0
Guests: 86

more...




Browsing this Thread:   1 Anonymous Users






Re: 25-year tax break on tap for new Downtown Jersey City tower
#25
Home away from home
Home away from home


Hide User information
Joined:
2004/6/17 2:16
Last Login :
3/21 23:34
Group:
Registered Users
Posts: 5375
Offline
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
 Top 


Re: 25-year tax break on tap for new Downtown Jersey City tower
#24
Home away from home
Home away from home


Hide User information
Joined:
2008/8/12 18:31
Last Login :
2020/4/26 22:05
Group:
Registered Users
Posts: 3932
Offline
Quote:

Yvonne wrote:
Quote:

soulman wrote:
Surely there was some sort of payment due based on the revenue of these projects, and not just a $1./year lease.


No, soulman, there is no payment.


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
 Top 


Re: 25-year tax break on tap for new Downtown Jersey City tower
#23
Home away from home
Home away from home


Hide User information
Joined:
2004/6/17 2:16
Last Login :
3/21 23:34
Group:
Registered Users
Posts: 5375
Offline
Quote:

soulman wrote:
Surely there was some sort of payment due based on the revenue of these projects, and not just a $1./year lease.


No, soulman, there is no payment.

Posted on: 2016/12/11 19:57
 Top 


Re: 25-year tax break on tap for new Downtown Jersey City tower
#22
Just can't stay away
Just can't stay away


Hide User information
Joined:
2005/9/27 20:08
Last Login :
2022/9/6 11:43
From Historic Downtown
Group:
Registered Users
Posts: 96
Offline
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
 Top 


Re: 25-year tax break on tap for new Downtown Jersey City tower
#21
Home away from home
Home away from home


Hide User information
Joined:
2004/6/17 2:16
Last Login :
3/21 23:34
Group:
Registered Users
Posts: 5375
Offline
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
 Top 


Re: 25-year tax break on tap for new Downtown Jersey City tower
#20
Home away from home
Home away from home


Hide User information
Joined:
2009/10/7 15:46
Last Login :
3/24 18:05
From jersey city
Group:
Registered Users
Posts: 3377
Offline

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.?

Find and read Mayor Fulop?s 2013 tiered system for awarding tax abatement's. It?s not cut and dry where a Tier 1 gets this abatement and a Tier 4 gets that abatement.Developers can go from a Tier 1 to a Tier 2 or higher if they meet certain requirements. Requirements that are a positive for Jersey City. Like building a school, setting aside a certain percentage of affordable units, or investing in job training programs, etc.A smart system for awarding abatement's indeed.

Posted on: 2016/12/11 14:29
 Top 


Re: 25-year tax break on tap for new Downtown Jersey City tower
#19
Home away from home
Home away from home


Hide User information
Joined:
2008/10/19 1:18
Last Login :
2020/9/25 20:40
From somewhere else
Group:
Registered Users
Posts: 1609
Offline
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.

Quote:

JPhurst wrote:
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 13:23
 Top 


Re: 25-year tax break on tap for new Downtown Jersey City tower
#18
Home away from home
Home away from home


Hide User information
Joined:
2009/7/17 3:05
Last Login :
2023/6/22 2:50
Group:
Registered Users
Posts: 953
Offline
Quote:

JCman24 wrote:
Quote:

CatDog wrote:
Quote:

hero69 wrote:
and some people wonder how Donald Trump got elected....I am sick and tired of tax abatements in areas that do not need them. Maybe tulip needs to start looking for another job done he is not standing by his pledge to end stuff abatements

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.


hero69 is right. This is why people voted for Trump: they're a bunch of idiots that don't know how the world works.


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
 Top 


Re: 25-year tax break on tap for new Downtown Jersey City tower
#17
Home away from home
Home away from home


Hide User information
Joined:
2005/6/8 3:24
Last Login :
2022/11/28 0:04
From New Urbanist Area
Group:
Registered Users
Posts: 1429
Offline
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
 Top 


Re: 25-year tax break on tap for new Downtown Jersey City tower
#16
Home away from home
Home away from home


Hide User information
Joined:
2012/11/10 20:38
Last Login :
2018/2/1 3:02
From JC
Group:
Registered Users
Posts: 3071
Offline
Quote:

caj11 wrote:
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?


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
 Top 


Re: 25-year tax break on tap for new Downtown Jersey City tower
#15
Home away from home
Home away from home


Hide User information
Joined:
2007/10/1 1:03
Last Login :
2023/10/30 19:51
Group:
Registered Users
Posts: 1280
Offline
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
 Top 


Re: 25-year tax break on tap for new Downtown Jersey City tower
#14
Home away from home
Home away from home


Hide User information
Joined:
2004/6/17 2:16
Last Login :
3/21 23:34
Group:
Registered Users
Posts: 5375
Offline
Quote:

JPhurst wrote:
How much would it cost to acquire land for and build the school?


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
 Top 


Re: 25-year tax break on tap for new Downtown Jersey City tower
#13
Home away from home
Home away from home


Hide User information
Joined:
2005/6/8 3:24
Last Login :
2022/11/28 0:04
From New Urbanist Area
Group:
Registered Users
Posts: 1429
Offline
How much would it cost to acquire land for and build the school?

Posted on: 2016/12/10 18:59
 Top 


Re: 25-year tax break on tap for new Downtown Jersey City tower
#12
Home away from home
Home away from home


Hide User information
Joined:
2004/6/17 2:16
Last Login :
3/21 23:34
Group:
Registered Users
Posts: 5375
Offline
Quote:

CatDog wrote:
Quote:

hero69 wrote:
and some people wonder how Donald Trump got elected....I am sick and tired of tax abatements in areas that do not need them. Maybe tulip needs to start looking for another job done he is not standing by his pledge to end stuff abatements

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.


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
 Top 


Re: 25-year tax break on tap for new Downtown Jersey City tower
#11
Home away from home
Home away from home


Hide User information
Joined:
2014/9/16 19:15
Last Login :
2019/2/27 14:41
From Jersey City
Group:
Registered Users
Posts: 500
Offline
Quote:

CatDog wrote:
Quote:

hero69 wrote:
and some people wonder how Donald Trump got elected....I am sick and tired of tax abatements in areas that do not need them. Maybe tulip needs to start looking for another job done he is not standing by his pledge to end stuff abatements

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.


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
 Top 


Re: 25-year tax break on tap for new Downtown Jersey City tower
#10
Home away from home
Home away from home


Hide User information
Joined:
2010/11/17 1:11
Last Login :
1/7 4:19
Group:
Registered Users
Posts: 1241
Offline
Quote:

hero69 wrote:
and some people wonder how Donald Trump got elected....I am sick and tired of tax abatements in areas that do not need them. Maybe tulip needs to start looking for another job done he is not standing by his pledge to end stuff abatements

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
 Top 


Re: 25-year tax break on tap for new Downtown Jersey City tower
#9
Home away from home
Home away from home


Hide User information
Joined:
2004/6/17 2:16
Last Login :
3/21 23:34
Group:
Registered Users
Posts: 5375
Offline
Where is the line to sign up so the city can float bonds my home?

Posted on: 2016/12/10 15:56
 Top 


Re: 25-year tax break on tap for new Downtown Jersey City tower
#8
Home away from home
Home away from home


Hide User information
Joined:
2004/11/14 2:38
Last Login :
2023/1/30 21:43
Group:
Registered Users
Posts: 3792
Offline
Quote:
Stringer wrote:

25-year tax break on tap for new Downtown Jersey City tower

By Terrence T. McDonald | The Jersey Journal
Email the author | Follow on Twitter
on December 09, 2016 at 7:19 PM, updated December 09, 2016 at 7:39 PM

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

and some people wonder how Donald Trump got elected....I am sick and tired of tax abatements in areas that do not need them. Maybe tulip needs to start looking for another job done he is not standing by his pledge to end stuff abatements

Posted on: 2016/12/10 5:10
 Top 


Re: 25-year tax break on tap for new Downtown Jersey City tower
#7
Home away from home
Home away from home


Hide User information
Joined:
2006/9/14 18:57
Last Login :
2020/1/27 22:17
From Hamilton Park
Group:
Registered Users
Posts: 1053
Offline
where do you live, bro?

Quote:

iGreg wrote:
Quote:
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 4:53
 Top 


Re: 25-year tax break on tap for new Downtown Jersey City tower
#6
Home away from home
Home away from home


Hide User information
Joined:
2004/11/6 21:13
Last Login :
2023/7/17 17:42
From Hamilton Park
Group:
Banned
Posts: 5775
Offline
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
 Top 


Re: 25-year tax break on tap for new Downtown Jersey City tower
#5
Home away from home
Home away from home


Hide User information
Joined:
2004/2/6 23:13
Last Login :
2021/7/30 1:08
From Jersey City
Group:
Registered Users
Posts: 1225
Offline
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
 Top 


Re: 25-year tax break on tap for new Downtown Jersey City tower
#4
Home away from home
Home away from home


Hide User information
Joined:
2009/7/17 3:05
Last Login :
2023/6/22 2:50
Group:
Registered Users
Posts: 953
Offline
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
 Top 


Re: 25-year tax break on tap for new Downtown Jersey City tower
#3
Home away from home
Home away from home


Hide User information
Joined:
2005/6/8 3:24
Last Login :
2022/11/28 0:04
From New Urbanist Area
Group:
Registered Users
Posts: 1429
Offline
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
 Top 


Re: 25-year tax break on tap for new Downtown Jersey City tower
#2
Home away from home
Home away from home


Hide User information
Joined:
2015/4/15 3:56
Last Login :
2019/3/11 14:10
From JC
Group:
Registered Users
Posts: 1044
Offline
Quote:
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
 Top 


25-year tax break on tap for new Downtown Jersey City tower
#1
Home away from home
Home away from home


Hide User information
Joined:
2012/2/20 18:20
Last Login :
2023/11/26 22:12
Group:
Registered Users
Posts: 2719
Offline

25-year tax break on tap for new Downtown Jersey City tower

By Terrence T. McDonald | The Jersey Journal
Email the author | Follow on Twitter
on December 09, 2016 at 7:19 PM, updated December 09, 2016 at 7:39 PM

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
 Top 








[Advanced Search]





Login
Username:

Password:

Remember me



Lost Password?

Register now!



LicenseInformation | AboutUs | PrivacyPolicy | Faq | Contact


JERSEY CITY LIST - News & Reviews - Jersey City, NJ - Copyright 2004 - 2017