Jersey City Council moves 30-year tax break for mixed-use project forward

HUDSON COUNTY VIEW - By Jeannette Josue  May 25, 2017

Jersey City Ward D Councilman Michael Yun shared his frustration with Corporation Counsel Jeremy Farrell before voting on the first reading of a 30-year tax exemption for a mixed-use rental project to be constructed by Ocean MLK Urban Renewal.

Yun pointed out every difference between two documents provided to city council, one a meeting document and the other from the caucus meeting during the discussion of the ordinance.

“I think it’s an insult to every council member in this room, so I’m strongly recommending to withdraw, fix the numbers and bring back to this council,” Yun told Farrell.

“Based on my study there is a serious problem we face: one the old one say very clear that we are going to contribute some money to the Board of Ed – 10 percent annual service charge, but the 10 percent of the annual service comes from the developer.”

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