The City Council met virtually on July 15.
The City Council met virtually on July 15.
At the July 15 meeting of the Bayonne City Council, a few ordinances were adopted that would give developers payment-in-lieu-of-taxes deals, or PILOTs, agreements to a few developers across the city. However, the PILOTs, also known as tax abatements, did not come without their fair share of “give-backs” to the city.
The City Council met virtually via TetherView due to the ongoing COVID-19 pandemic.
While no residents spoke in favor or against the adopted ordinances, City Council President Sharon Ashe-Nadrowski explained the terms of each PILOT so that residents were aware of what the developers were giving back to the city.
The first PILOT is with Lincoln Equities Group, for a 30-year tax abatement on their project to construct a warehouse located at the former Military Ocean Terminal at Bayonne (MOTBY). Ashe-Nadrowski said at the meeting that approximately 1,500 jobs would be created as a result.
Lincoln Equities is also relieving the city of its responsibility for taking down buildings already on the site, which amounts to $2 million in construction costs, according to Ashe-Nadrowski.
Additionally, the developer is contributing towards road improvements and open space in the area.
Usually an opponent to PILOTs, even Councilman Gary LaPelusa voted in favor of this one, calling it “a home run for town” because of the jobs created.
Apartments on Avenue A and Prospect Ave
The second PILOT is a 15-year tax abatement for developer 345-347 Avenue A Urban Renewal LLC for their redevelopment project on Avenue A. The City Planning Board approved a 31 unit development on the vacant lot back in 2019, the former site of Avenue A Auto Service.
Ashe-Nadrowski said that in terms of “give-backs,” the developer will conduct their own garbage collection. In addition, the developer is also going to contribute over $100,000 towards constructing more waterfront walkway in the city.
While the council adopted the ordinance, Councilman Neil Carroll and LaPelusa voted against this PILOT.
The next PILOT was for developer TFG 117-121 Prospect Avenue Urban Renewal LLC for their project on Prospect Avenue. Approved by the Planning Board on July 14, the developer plans on building a 5-story development with 44 units.
Ashe-Nadrowski said that the tax abatement was for a 20-year term. According to Ashe-Nadrowksi, the property was due for an improvement. The current site is a shoddy industrial warehouse, just a few blocks from the light rail.
In terms of give-backs, the developer is contributing $250,000 to the nearby pedestrian walkway.
Only Councilman LaPelusa voted against the PILOT.
Billboards in Bayonnne
The last financial agreement was for a lease between the city and BCP, LLC for a set of two billboards located near 2nd Street.
According to Ashe-Nadrowski, the developer has already paid $1.5 million up front with an anticipated yearly revenue of $500,000 from both the billboards. She said it was a real “win for the city.”
The council voted unanimously to adopt that ordinance.
Overall, the “give-backs” add up favorably for the city as the ‘Bayonne Boom’ of redevelopment and improvements continues.
The next Bayonne City Council meeting is August 19. The meeting will most likely be held virtually again, due to COVID-19. For more information, residents are advised to check the city website at www.bayonnenj.org.
For updates on this and other stories, check www.hudsonreporter.com and follow us on Twitter @hudson_reporter. Daniel Israel can be reached at disrael@hudsonreporter.com.
"Give" - Google News
July 18, 2020 at 09:16PM
https://ift.tt/3jfm2fX
New tax abatements in Bayonne traded for give-backs to the city - The Hudson Reporter
"Give" - Google News
https://ift.tt/2YqGX80
https://ift.tt/2YquBwx
Bagikan Berita Ini
0 Response to "New tax abatements in Bayonne traded for give-backs to the city - The Hudson Reporter"
Post a Comment