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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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You're absolutely right.Quote:

Yvonne wrote:
There is a big difference between paying millions in debt and moving a statue. The city has $25 million in reserves which they could have used for terminal leave. In fact, Councilwoman Watterman voted no on the terminal leave of $14.5 million, which was the second bond that night, the first being the $170 million for Bayfront. She voted no because the city lied about have the money in reserve. I personally think this is stage one and there will be other bonds for Bayfront. The city has a history of lying. It said it would not pay for City Hall Annex but bond money is being transferred to that project. Also on the agenda was the transferred of a tax abatement to another entity. Councilman Fulop always voted no on transfers of tax abatement and Mayor Fulop has no problem doing this.

Posted on: 10/13 3:32
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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There is a big difference between paying millions in debt and moving a statue. The city has $25 million in reserves which they could have used for terminal leave. In fact, Councilwoman Watterman voted no on the terminal leave of $14.5 million, which was the second bond that night, the first being the $170 million for Bayfront. She voted no because the city lied about have the money in reserve. I personally think this is stage one and there will be other bonds for Bayfront. The city has a history of lying. It said it would not pay for City Hall Annex but bond money is being transferred to that project. Also on the agenda was the transferred of a tax abatement to another entity. Councilman Fulop always voted no on transfers of tax abatement and Mayor Fulop has no problem doing this.

Posted on: 10/12 9:25
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Quote:

Yvonne wrote:
Actually, that is the one thing I asked about, the interest rate and it is the one thing that the administration will not answer. The ordinance just states the interest rate cannot be higher than 8%. It also states the bond can be refinanced which is am totally against. JC had bonds floating around for 50 years in the past which is absolutely ridiculous due to refinancing.


If "financial watchdog" Yvonne is so concerned about debt, maybe she shouldn't have forced the city to appropriate 200k over moving a statue one single block. I think the bill for that election should be debited straight from Yvonne's checking account.

Posted on: 10/11 22:27
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Quote:

Yvonne wrote:
Actually, that is the one thing I asked about, the interest rate and it is the one thing that the administration will not answer. The ordinance just states the interest rate cannot be higher than 8%. It also states the bond can be refinanced which is am totally against. JC had bonds floating around for 50 years in the past which is absolutely ridiculous due to refinancing.


Again you show yourself to be financially illiterate. Anyone who doesn't refinance high rate debt during low rates is a moron and should be fired.

Posted on: 10/11 20:01
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Actually, that is the one thing I asked about, the interest rate and it is the one thing that the administration will not answer. The ordinance just states the interest rate cannot be higher than 8%. It also states the bond can be refinanced which is am totally against. JC had bonds floating around for 50 years in the past which is absolutely ridiculous due to refinancing.

Posted on: 10/11 19:33
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Quote:

Yvonne wrote:
The reason for the upgrade - some old bonds were paid off.


Nope. From Moody's press release announcing the upgrade:

Rating Action: Moody's Upgrades Jersey City's GO to Aa3,
31 Oct 2016

New York, October 31, 2016 -- Summary Rating Rationale

Moody's Investors Service has upgraded to Aa3 from A1 the rating on Jersey City, NJ's outstanding General Obligation Unlimited Tax debt. Concurrently, Moody's has upgraded to A3 from Baa1 the enhanced rating on the city's MQBA enhanced debt. The underlying outlook remains stable while the enhanced rating carries the negative outlook attached to the MQBA program.

The upgrade to Aa3 reflects the city's rapidly growing, large and diverse tax base, satisfactory and improving finances, and manageable debt burden.

Debt went down very slightly in 2016 and, as you point out, is back up. According to Moody's updated research earlier this year, even at the higher levels there is no concern about the city's ability to repay its debt.

Quote:
In theory, if Fulop did not bond this year, our debt would have been reduced and taxes would have fallen.


Backwards. The debt has a very low interest rate and represents a small added burden on the city's finances. If new debt hadn't been incurred, the city would have had to pay for these expenses (setting aside the Bayfront borrowing, since that is a mortgage) out of general revenue. This would have meant higher taxes.

Obviously, people who actually look at these things for a living are not concerned about the city's debt level. They also understand that a $1 in the early '90's is not the same as a 2018 dollar.

Posted on: 10/11 13:16
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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It is the people who pay the bonds, not the city. The reason for the upgrade - some old bonds were paid off. In theory, if Fulop did not bond this year, our debt would have been reduced and taxes would have fallen. I still find it amazing that citizens in JC, came to city hall and complained when the yearly bond debt payout hit $20 million in the early 1990s. It is now $75 million and God's know what it will be next year.

Posted on: 10/11 11:50
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Quote:

Yvonne wrote:
The city debt increased this year to an additional $170 million, plus $45 million bonded several months ago, $14.5 million for terminal leave. If you add an additional $100 million for tax refunds. That is an additional $329.5 million for 2018. The gross debt is already $650 million, bringing the debt well over $900 million. Then there is the loss of $170 million from the state for the schools. Forget about being the best midsize city in America, we will be the next Detroit who went bankrupt.


And yet, the bond rating agencies continue to upgrade Jersey City - Moody's having done so twice in the last four years. The current rating of Aa3 indicates a negligible chance of default.

This debt will be repaid when the city sells the land. Could they end up selling it for less than they are paying? Possible, but the amount at risk is a very small fraction of what is being borrowed and not the likely outcome.

Yes - numbers can be big and scary (and for some, confusing!) - especially when taken out of context.

Posted on: 10/11 10:41
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Sell and move while you can. It's not going to get better regardless of how many trendy restaurants
pop up.

Posted on: 10/11 8:30
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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The city debt increased this year to an additional $170 million, plus $45 million bonded several months ago, $14.5 million for terminal leave. If you add an additional $100 million for tax refunds. That is an additional $329.5 million for 2018. The gross debt is already $650 million, bringing the debt well over $900 million. Then there is the loss of $170 million from the state for the schools. Forget about being the best midsize city in America, we will be the next Detroit who went bankrupt.

Posted on: 10/10 23:19
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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$170M plan for new Jersey City development up for final vote

The Jersey City City Council is scheduled to take a final vote today on a $170 million plan to turn a 100-acre Hackensack River waterfront property into a massive residential community called Bayfront.

The measure would let the city enter into an agreement with the autonomous Jersey City Redevelopment Agency to represent the city in the site's redevelopment.

https://www.nj.com/jjournal-news/index ... _for_new_jersey_city.html


Posted on: 10/10 21:59
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Posted on: 7/3 9:32
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Councilman Yun said by the time it is finished, the money to be borrowed will be $200 million. Since he reads everything, I will go with that number.


Posted on: 7/3 9:26
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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BUSINESS & ECONOMY
Jersey City set to move forward on 100-acre Bayfront development
BY David Cruz, Senior Correspondent | July 2, 2018, 5PM EST


At close to 100 acres, the Bayfront property, located in the city’s southwest Greenville section represents the most significant development opportunity in the city since the downtown boom began in the 80s and 90s. A once chromium-polluted brownfield, Bayfront is now clean and ready for redevelopment. With affordable housing at a premium, Jersey City Mayor Steve Fulop has proposed buying the property — of which the city is already part owner — from Honeywell, the successor company that cleaned it up. Fulop thinks the development could feature up to 30 percent affordable units, but it won’t be cheap.

“Up to $105 million for the specific property, and then we’re going to go out for bonding of $105 [million] plus $80 [million] approximately for infrastructure, so it’s a big undertaking. It’s about $180 million,” said Fulop. “Our models project that, over some time, we’re going to be able to return that as an investment to the taxpayers, maybe make some money and get some inclusionary housing in there.”

But borrowing $180 million, government officials call it bonding, is no small step, and the city council held a hearing on the proposal late last month to gauge public support. Needless to say, opinions were expressed.

“I am opposed to the city of Jersey City floating bonds for the Bayfront project,” testified resident Christine Bamberger. “Jersey City should not enter into the banking business of floating bonds for real estate development regardless of how the plan is couched or the options are couched right now.”

Abundant Joy Community Church Pastor William Ashley, who was part of a group of citizens who pushed the city to buy the property, said its redevelopment was overdue.

“We recognize that the details are yet to be worked out. We recognize there are numerous questions that need to be asked and answered,” he said. “We stand with you in saying that this is a bold step. It’s game changer and there’s no place else in this state that has taken this bold initiative.”

Councilwoman Denise Ridley, who represents the Greenville section where the project would rise, says affordable housing is a good goal, but so-called workforce housing, the kind of housing working class professionals can afford, should be part of the mix.

“Workforce housing would be geared more toward everyday Greenville residents. It’s more feasible for people who might be police, fire, teachers,” she said. “Sometimes with the affordability portion of it, you lose a lot of people. We want to make sure that, yes, we want the affordable units, but we don’t want to lose those potential people that are here in Greenville. I think a lot of people hear affordable and they automatically assume that they’re going to qualify, and a lot of people will not.”

A proposed extension of the light rail across busy Route 440 is already in the works, with NJ Transit earmarking $5 million for an environmental impact study. That extension could double the number of units here to 8,000, an almost 20 percent population increase for Greenville.

The council has already given preliminary approval for the city to go get the money. The mayor says, if all goes well, you could see shovels in the ground by the end of next year.

Posted on: 7/3 8:05
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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The public will get a chance to speak out on the city's $180 million plan to purchase the 100-acre Bayfront site on the Hackensack River waterfront.

http://www.nj.com/hudson/index.ssf/20 ... 80m_bayfront_plan_in.html

Posted on: 6/19 6:34
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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No rent control on new construction in J.C.

NJ state law (unless it has been changed since I last checked) exempts new construction from local rent control laws for 5 years.

Posted on: 6/18 17:04
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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If they are 6 units then they are under rent control so when taxes or water goes up maybe 4%, they can only go up an amount set by city hall. Lately, those increases have been less than one percent.

Posted on: 6/18 15:03
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Quote:

hero69 wrote:
well, i hope the objective of this potential purchase is to make a decent rturn on tax payer money with providing affordable housing as a secondary goal.


Wow good one. I nearly spit up my lunch. Since when has a Democrat run administration cared about tax payers? They are simply a revenue stream.

Posted on: 6/18 14:20
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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MDM wrote:
Repeating the point Brewster has made repeatedly: Change the zoning so that 6+ unit buildings that are being torn down are not replaced with a 2 family and you will pretty much take care of the lack of affordable housing issue.


Are you listening, Fulop?

Posted on: 6/18 12:47
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Repeating the point Brewster has made repeatedly: Change the zoning so that 6+ unit buildings that are being torn down are not replaced with a 2 family and you will pretty much take care of the lack of affordable housing issue.

Anything the government does requires union labor working at the 'prevailing wage'. Last prevailing wage job I priced out raised labor costs about 270% over the private sector. The "affordable housing" will not be affordable for those paying for the interest on the bonds.

Posted on: 6/18 12:41
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Affordable housing does nothing for local residents. It is where people on a list outside the city receive housing. In the 1990s, I was asked to do voter registration so I went to the new housing then, all affordable. I could not find one person who was an American citizen in the housing. After all, where do you think all of those refugees to once they come here?

Posted on: 6/18 12:28
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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It’s a flawed plan, but better than the Fulop/Kushner plan to bring in 8,000 Hasidim from Brooklyn. Look at what’s happened in Lakewood as the school board has to pay for busing the lids to religious schools.

Posted on: 6/18 11:25
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Quote:

JCGuys wrote:
Quote:

hero69 wrote:
well, i hope the objective of this potential purchase is to make a decent rturn on tax payer money with providing affordable housing as a secondary goal.


What could go wrong...

Seriously, affordable housing is expensive. $100 million for the lot plus remaining remediation plus infrastructure for another $70 million or so plus $200,000 for each affordable unit, with the city wanting at least a couple thousand. Then throw in interest and other fees.

That's well over half a billion that will need to be subsidized by the market rate condos/rentals!
i too think this is a foolish idea. isn't there enough affordable housing in bela, greenville, and other nearby cities.

Posted on: 6/18 11:10
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Quote:

hero69 wrote:
well, i hope the objective of this potential purchase is to make a decent rturn on tax payer money with providing affordable housing as a secondary goal.


What could go wrong...

Seriously, affordable housing is expensive. $100 million for the lot plus remaining remediation plus infrastructure for another $70 million or so plus $200,000 for each affordable unit, with the city wanting at least a couple thousand. Then throw in interest and other fees.

That's well over half a billion that will need to be subsidized by the market rate condos/rentals!

Posted on: 6/18 9:48
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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So we are bonding $170 million, the city is still paying off $128.9 million for Fiscal year adjustable bonds took out in 1991 for missing state aid for 6 months. There are 6 years left on that bond payment.

Posted on: 6/18 8:36
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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well, i hope the objective of this potential purchase is to make a decent rturn on tax payer money with providing affordable housing as a secondary goal.

Posted on: 6/18 8:24
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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JERSEY CITY – In a move that may well become the largest development in Jersey City since the 1980s, the City Council is slated to introduce a bond ordinance that would pay for the purchase of more than 90 acres along the Hackensack River.

The council has set a special meeting for June 20 at which it is expected to authorize the administration to purchase from Honeywell International the property that could result in the construction of 4,000 to 8,000 residential units along Route 440 on the Hackensack River.

Mayor Steven Fulop said that the City Council is set to adopt the most aggressive of three options concerning property that is current jointly owned by the city and Honeywell.

Read more: Hudson Reporter - Jersey City set to buy massive Bayfront property

M O R E

Posted on: 6/17 22:22
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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The subsidy better be in zoning only.

http://www.njbiz.com/article/20180524 ... -development-site-for-50m

Quote:
Meridian Investment Sales recently listed the Avenir mixed-use development site in Jersey City for $50 million.

Located in the city’s Marion neighborhood, the site contains 659,000 buildable square feet, with the property slated for 486 apartments across eight stories along with 25,000 square feet of commercial space. Senior Executive Managing Director David Schechtman and Managing Directors Lipa Lieberman and Abie Kassin are representing the seller in the transaction.

The 3.35 site has been approved by the Jersey City Planning Board and is eligible for a 20-year Payment in Lieu of Taxes.


$50 million for 3.35 acres... no way Honeywell lands gets anywhere near that per acre but that must be the city's goal if they get into this business or the project has a high risk of failing.

Posted on: 5/24 12:45
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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unfortunately everything.

as per the article, the city already owns 40% of the site but may owe Honeywell $25m, and at $1m per acre only has $15m value into the site. so the question could be how to leverage JC Together's affordable housing objective?

there were two downtown projects on Marin Blvd that received state EDC tax subsidies that averaged $500k per affordable unit with an additional long term tax abatement. that is a bitter pill for the average tax paying homeowner to swallow.

so, my thinking, whether the city attempts to take this is on or just subsidize private developers (for both), what is an acceptable level of subsidy per affordable unit?

can the subsidy be in the land and zoning (height and density.)


Quote:

bodhipooh wrote:


What could possibly go wrong with the city acting as the master developer?


Posted on: 5/24 12:09
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Re: Jersey City has big plans for 100 acres on West Side along Hackensack River
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Society Hill was built more on landfill than a toxic refuse site, although I do recall the green, blue and purple guys in the dye joints across the way on 440.The chemical industry became really dangerous after WW2, and I think Roosevelt Stadium was built earlier. The shoreline still brings up glass bottles from the thirties and forties. We ate a lotta crabs from the river back in the fifties and I'm still around in good health in my late sixties.
The development will be a smart move for those who get in early. Waterfront property in the Metropolitan Area only gets pricier as time goes by.

Posted on: 5/24 10:37
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