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Re: 30-year tax breaks planned for Jersey City college projects
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hero69 wrote:
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hero69 wrote:
why is this project getting an abatement when there is no provision for affordable housing? am i missing something?

https://jerseydigs.com/13-35-carbon-pl ... lvd-jersey-city-proposal/


Provision for affordable housing is not a condition of receiving an abatement. It's just an excuse Fulop uses to continue to give 30 year abatements to downtown properties.

State law need to be reformed.
so what is in it for the city, taxpayers?


There two concrete benefits to the city:
- increased tax revenue (the city gets to keep virtually ALL of the money paid by abated properties, while non-abated tax revenue is split among the city, the county, and the BOE)
- a terrain of little interest to developers is rehabilitated and put to good use (instead of remaining underutilized or completely undeveloped)
thanks for the elucidation

Posted on: 1/25 15:42
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Re: 30-year tax breaks planned for Jersey City college projects
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hero69 wrote:
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JCGuys wrote:
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hero69 wrote:
why is this project getting an abatement when there is no provision for affordable housing? am i missing something?

https://jerseydigs.com/13-35-carbon-pl ... lvd-jersey-city-proposal/


Provision for affordable housing is not a condition of receiving an abatement. It's just an excuse Fulop uses to continue to give 30 year abatements to downtown properties.

State law need to be reformed.
so what is in it for the city, taxpayers?


There two concrete benefits to the city:
- increased tax revenue (the city gets to keep virtually ALL of the money paid by abated properties, while non-abated tax revenue is split among the city, the county, and the BOE)
- a terrain of little interest to developers is rehabilitated and put to good use (instead of remaining underutilized or completely undeveloped)

Posted on: 1/25 15:09
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Re: 30-year tax breaks planned for Jersey City college projects
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There was a comment that this development and abatement would allow the university to freeze tuition while also constructing new buildings. Education is very important and has very positive impacts to both residents of the city and to the city as a whole.

If that is indeed the case, I'm a supporter. Personally, they should have let them build as much market rate apartments as needed in order to fund the improvements and tuition freeze, without the need for an abatement.

Again, State Law needs to be reformed because right now it feels like free for all.

Posted on: 1/25 11:48
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Re: 30-year tax breaks planned for Jersey City college projects
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hero69 wrote:
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JCGuys wrote:
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hero69 wrote:
why is this project getting an abatement when there is no provision for affordable housing? am i missing something?

https://jerseydigs.com/13-35-carbon-pl ... lvd-jersey-city-proposal/


Provision for affordable housing is not a condition of receiving an abatement. It's just an excuse Fulop uses to continue to give 30 year abatements to downtown properties.

State law need to be reformed.
so what is in it for the city, taxpayers?


You're asking the wrong person! LoL

My belief is I rather development happen than just having a bunch of underutilized sites. Would development happen at this location, at the same pace and scale, if there was no abatement offered, or would the city receive more revenue from the PILOT payment than by normal taxation, is open to debate.

Posted on: 1/25 11:45
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Re: 30-year tax breaks planned for Jersey City college projects
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hero69 wrote:
why is this project getting an abatement when there is no provision for affordable housing? am i missing something?

https://jerseydigs.com/13-35-carbon-pl ... lvd-jersey-city-proposal/


Provision for affordable housing is not a condition of receiving an abatement. It's just an excuse Fulop uses to continue to give 30 year abatements to downtown properties.

State law need to be reformed.
so what is in it for the city, taxpayers?

Posted on: 1/25 11:35
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Re: 30-year tax breaks planned for Jersey City college projects
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hero69 wrote:
why is this project getting an abatement when there is no provision for affordable housing? am i missing something?

https://jerseydigs.com/13-35-carbon-pl ... lvd-jersey-city-proposal/


Provision for affordable housing is not a condition of receiving an abatement. It's just an excuse Fulop uses to continue to give 30 year abatements to downtown properties.

State law need to be reformed.

Posted on: 1/25 10:38
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Re: 30-year tax breaks planned for Jersey City college projects
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why is this project getting an abatement when there is no provision for affordable housing? am i missing something?

https://jerseydigs.com/13-35-carbon-pl ... lvd-jersey-city-proposal/

Posted on: 1/25 10:04
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Re: 30-year tax breaks planned for Jersey City college projects
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Construction for this project starts in 2020. This helps the developer in avoiding the reval. They are also guarantee a 12% profit. In the meantime, JC sold the water and tax liens on small homeowners who have no abatements.

Posted on: 1/12 13:30
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Re: 30-year tax breaks planned for Jersey City college projects
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brewster wrote:
I'm confused. Shouldn't a state university property be off the tax rolls? Is this for students or the general market?


The apartments in the story below are for the general market. The whole west campus development is a public-private venture. There will be some classrooms and student housing, some market-rate housing and shops open to everyone.

You can read more about it here.

Posted on: 1/11 15:15
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Re: 30-year tax breaks planned for Jersey City college projects
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This is studio, one, and two bedrooms, construction starts in 2020. No one knows what will happen in the future, it was predicted that the Journal Square would be developed 20 years ago, that did not happened. I don't see the need to give the abatement now.

Posted on: 1/11 14:26
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Re: 30-year tax breaks planned for Jersey City college projects
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The college is asking for all of these tax abatements at the same time even though the construction is at different times. Even Newport and other developers had to come before the city for each building. Politicians have always said tax abatements are based on merit. Where is the merit when everything is given up front?

Posted on: 1/11 11:14
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Re: 30-year tax breaks planned for Jersey City college projects
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I'm confused. Shouldn't a state university property be off the tax rolls? Is this for students or the general market?

Quote:
According to the State Constitution and various State statutes, property exempt from taxation includes property used for religious, educational, charitable or cemetery purposes as well as property used by exempt organizations such as volunteer fire companies, veterans’ organizations and historic sites. I


http://nj.gov/comptroller/news/docs/report_tax_exempt.pdf

Posted on: 1/11 11:11
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Re: 30-year tax breaks planned for Jersey City college projects
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30-year tax breaks planned for Jersey City college projects

By Terrence T. McDonald | The Jersey Journal
Email the author | Follow on Twitter
on January 10, 2017 at 7:54 PM

JERSEY CITY -- Thirty-year tax breaks are up for final approval by the City Council tomorrow for two projects on the New Jersey City University campus.

The projects come with a total cost of $84.6 million and comprise three four-story, market-rate apartment buildings planned for the public university's west campus.

Two of the buildings are slated for Carbon Place just west of West Side Avenue and will house a total of 152 residential units and nearly 12,000 square feet of commercial space. There will be parking for 146 cars in garages and a surface lot.

The third building will be located between Route 440 and West Side Avenue on what will be called University Place Boulevard. That building will house 139 units and a 151-space parking garage.

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

is this housing for students, faculty? if not, is njcu going into the property development business

Posted on: 1/10 21:13
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30-year tax breaks planned for Jersey City college projects
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30-year tax breaks planned for Jersey City college projects

By Terrence T. McDonald | The Jersey Journal
Email the author | Follow on Twitter
on January 10, 2017 at 7:54 PM

JERSEY CITY -- Thirty-year tax breaks are up for final approval by the City Council tomorrow for two projects on the New Jersey City University campus.

The projects come with a total cost of $84.6 million and comprise three four-story, market-rate apartment buildings planned for the public university's west campus.

Two of the buildings are slated for Carbon Place just west of West Side Avenue and will house a total of 152 residential units and nearly 12,000 square feet of commercial space. There will be parking for 146 cars in garages and a surface lot.

The third building will be located between Route 440 and West Side Avenue on what will be called University Place Boulevard. That building will house 139 units and a 151-space parking garage.

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


Posted on: 1/10 20:46
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