Quote:

GP, not that I would put much behind the typically poorly written and researched JJ article, but I think the phrase confusing you is "The recipient pays substantially more in "payments in lieu of taxes"". I believe the comparison the inept writer intends is to NYC abated property rather than equivalent unabated JC property. My understanding is that our abatements cost the owner less, but JC gets all of it rather than sharing with the county and schools.

75$ for beef whats wrong with steak umm?

I find that last sentence very interesting -- I get tired of all the posters on both side of this issue saying this or that without any facts -- I would love to have the actual non-skewed facts about abatements!

Quote:

In Hoboken, high hopes are slow-mo

Jersey Journal - Jan 17

Hoboken's Monroe Center, on the 700 block of Monroe Street, is finally getting off the ground, albeit much slower than most officials expected.

The site's first visible commercial ground-floor tenant - the restaurant Shades of Hoboken - opened its doors shortly before the new year, marking the first upscale eating establishment to set up shop on the city's west side.

Besides a $75 Kobe beef steak, the restaurant boasts free parking in the rear and live music seven days a week, says head chef Larry Kemet.

But like all restaurants, Shades of Hoboken needs a successful first year and it does not appear to be getting help from the developments in the area, including the Monroe Center.

I attended a groundbreaking last May for the proposed 435 condos, but the dream of a mixed-use centerpiece for the neighborhood has yet to really move forward since Mayor David Roberts and others flipped ceremonial dirt.

"It's pre-construction certainly, but we are moving ahead, determined to produce a superior product in that neighborhood," said Michael Turner, spokesman for Monroe Center Development.

Nearby, the 128-unit Velocity is also moving slower than expected, dragged down by the repeated breaking of windows at the construction site.

The good news, said Kemet, is business has been good at nights, especially on the weekends.

"We are getting a lot of neighborhood people and the band is bringing people in," said Kemet. "When I went up to Washington Street to eat, I never picked a place. I would just eat where I could park, so it's a plus we have free parking available."

Rumors are swirling that entertainment behemoths Disney and Viacom are considering leasing office space in Jersey City after New York City rents soared.

These billion-dollar entertainment companies would be a welcome addition to the city's office market, providing job diversity to a market that's flooded with companies from the financial sector, not too mention a little corporate prestige. .

New York City officials recently made some changes to their "421A" tax abatement program that officials on this side of the river should take a hard look at.

Recognizing there's little need to spark development on some of the most lucrative land in the city, Big Apple politicos are now requiring developers to include a large percentage of affordable housing in order to receive the tax carrot, while continuing the more liberal abatement program in areas of the city that still need a push.

If this sounds familiar, it should.

New York City tax abatements are typically offered for five years and the recipient pays little taxes on the property.

Meanwhile, in Jersey City, tax abatements are issued for 20 to 30 years. The recipient pays substantially more in "payments in lieu of taxes" and the city's cut is substantially more than it would be under traditional taxes, which must be divvied up with schools and the county.