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Another developer wants to revise his tax deal
You might expect Jersey City to think twice about granting another revised tax abatement for a condo building on the downtown waterfront, especially after a similar deal recently approved by the City Council for the Crystal Pointe project on Second Street prompted public outrage. But the city is considering revising a previously granted abatement for the $250 million 77 Hudson St. project. 77 Hudson is a 901-unit two-building project (420 condos, 481 rentals) on Hudson Street in Jersey City, overlooking the Hudson River, and construction is nearing completion. Units are selling from $300,000-plus for one-bedroom to $1 million for three-bedrooms. An abatement is an agreement with the city to exempt a developer from paying regular, fluctuating property taxes. Developers often negotiate a deal to pay a stable, separate fee to the city in lieu of taxes, a payment which may sometimes be equal or nearly equal to current taxes. Those payments benefit the city because they go straight to city coffers, and do not include paying school and county taxes. Recently, several developers have asked to revise their original agreement with the city because of the tough economy. According to Councilman Steven Fulop, the city’s Tax Abatement Committee, with a push from Mayor Jerramiah Healy, is considering revising the deal for 77 Hudson that would change the terms of the 20-year abatement approved for the project in March 2006.[...] Read more at HudsonReporter.com |
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