Author Topic: 30-year tax breaks on tap for $100M Jersey City college campus project  (Read 2021 times)

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Jersey City council OKs 30-year tax breaks for $100M college campus project
By Terrence T. McDonald | The Jersey Journal
on July 13, 2016 at 1:10 PM, updated July 13, 2016 at 3:22 PM

JERSEY CITY A nearly $100 million project that will help transform a largely vacant area on the New Jersey City University campus will receive a 30-year tax break after a unanimous vote by the City Council today.

The city will also issue $16 million in bonds to pay for infrastructure improvements to the area, located west of West Side Avenue just south of Carbon Place. The project includes two five-story mixed use buildings, with a total of 330 market-rate residential units and 21,520 square feet of commercial/retail space.

The council voted unanimously to approve a 30-year tax break for each building. The bonds were approved 7-1, with Councilman Michael Yun voting no. Councilwoman Diane Coleman was absent.
 
"This is exciting," NJCU President Sue Henderson said after the votes. "It will do a lot for the West Side."

The $97.7 million development is part of a roughly $400 million expansion of the NJCU campus that includes a new dorm, a grocery store, academic buildings, a gym, a pedestrian plaza and more. Henderson has said the mission is to create a "university village" benefiting the community and the public university.

The two buildings that were the focus of today's two-hour council hearing are closest to the existing neighborhood, Henderson noted.

"They will have more of the little shops, so you might well see a Panera Bread, a Subway, that I think will do a lot for the community," she said.

[...]

The abatements were criticized by two frequent administration critics, including West Side resident Daniel Sicardi, who called the deals "a piece of crap."

Sicardi's comment led to a mild scolding from Lavarro, who said, "Dan, I'm going to have to ask you to check your language."

"It is a piece of bovine fecal matter," Sicardi responded. "Is that better?"  Read more

Offline MA

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30-year tax breaks on tap for $100M Jersey City college campus project
By Terrence T. McDonald | The Jersey Journal
on June 27, 2016 at 4:07 PM, updated June 27, 2016 at 6:09 PM

JERSEY CITY A nearly $100 million project to build two five-story residential buildings on the New Jersey City University campus is slated to receive two 30-year tax breaks plus $16 million in city-issued bonds.

University Place, which is slated for a stretch of the university's western campus just south of Carbon Place, is designed to house 330 total residential units, 21,520 square feet of commercial/retail space and 344 parking spaces.

The $97.7 million development is part of a $350 million expansion of the NJCU campus that includes a new dorm, a grocery store, a gym and more. NJCU President Sue Henderson said last year she hopes the expansion will create a "university village."

The abatement would allow developers Claremont Companies to pay a set fee in lieu of conventional taxes, with the fee rising incrementally over 30 years. The city is expected to receive about $1 million in revenue total from both towers in the first years of their abatements. The land is currently tax exempt.

"This is a project on the West Side of Jersey City away from downtown and in an area that has never before seen this type of development," city spokeswoman Jennifer Morrill said. "This will be transformative for the area. Our goal is to attract investment away from the waterfront and this is consistent with that goal. Read more

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