Jersey City has
delayed introduction of ordinances which would create a 35-year tax abatement
and issue a $10 million bond for infrastructure improvements in the area of a
proposed $600 million, three-tower residential project that will transform
Journal Square.
“There has been
some delay to finalize the ordinance to ensure it was fully prepared for the
Local Finance Board,” Jersey City Corporate Council Jeremy Farrell told council
members of the three ordinances related the development project which were to
have their first reading at tonight’s council meeting.
Farrell said Mayor
Steven Fulop’s administration also wants to first “meet with the Friends of the
Loew’s Theatre because the ordinance includes a $2.5 million contribution to
the (Landmark) Loew’s (Jersey Theatre) which will be held in trust and we are
committed to assuring Loew’s management that it will be a first-class place, a
world-class place.”
The ordinances
related to the development are now to be introduced at a special meeting on
Oct. 31 at 9 a.m. in the City Council chambers on Grove Street.
The deal is the
first market-rate project since Fulop implemented a new policy regarding the
tax breaks he says will encourage development in areas outside the already
lucrative waterfront.
Construction of
the $240 million first tower, which will rise 54 stories and include 540 rental
units and ground floor retail space is expected to take two years to complete.
Farrell assured council members that the project will remain on track for a
December groundbreaking.
The project is
slated for a 2.5-acre lot at the northwest corner of Summit and Magnolia
avenues. The developer has pledged to make improvements to the sewer lines and
sidewalks, as well as creating and maintaining a new public plaza on the
eastern side of the Journal Square PATH station. The developer has received $33
million in state tax credits for the first tower.
In addition, the
developer will give $2.8 million to build affordable housing in the city. The
$10 million in bonds will be issued by the Jersey City Redevelopment Agency,
but city officials say the developer will be tasked with paying them back.
Also last night
the council adopted an ordinance the city says will revamp and streamline the
way it works with filmmakers, making it a "premier destination" for
New Jersey film productions and bringing tens of millions of dollars in revenue
to local businesses.
Former Jersey City
mayoral candidate Abul Malik, Hudson County journalist Pat O'Melia and a city
photographer all expressed concerns that the film production ordinance might
have the unintended effect of impacting the work of journalists, independent
photographers, and amateur or small scale film and videographers.
“I have to apply
14 days ahead of time if I want to use three cameras? Come on,” O’Melia told
council members, adding that he feared police might use the law in a way that
would hinder journalism. “They say the devil’s in the details - there a lot of
devils in here. I’m not even sure if this applies indoors or outdoors. There’s
a lot of holes in this.”
O’Melia and Malik
asked that the filming ordinance be tabled for further consideration, but the
council adopted it unanimously tonight, saying it would have no impact on the
areas of concern raised and pertains only to large-scale productions.
Councilman Richard
Boggiano suggested that those worried by the ordinance should sit down with a
Fulop aide and discuss it. He and Councilman Michael Yun said the ordinance
should be amended if there is a danger of unintended consequences.
Source: NJ.com
No comments:
Post a Comment