[Hypothalamus]

NJ:

Tale of 2 highrises: One abatement advances, another withdrawn in Jersey City

By Michaelangelo Conte/The Jersey Journal
April 24, 2014 at 7:55 AM

The Jersey City City Council voted last night to introduce an ordinance that would grant a 20-year tax abatement for a proposed Downtown building and withdrew an ordinance that would give a 30-year tax abatement for a proposed Journal Square highrise.

The council voted 6-to-3 to introduce an ordinance that would grant a 20-year tax abatement to the developer of a planned 14-story mixed use building at 160 First St. with council members Richard Boggiano, Michael Yun and Joyce Watterman voting against introduction.

The project would consist of 145 market rate condominium units, 14 “moderate and/or workforce affordable units,” about 3,800 square feet of retail space on the ground floor and 64 parking spaces, the ordinance says.

The project received site plan approval from the city Planning Board on Feb. 25.

Under this abatement, the owner would pay 10 percent of the annual income of the property in lieu of taxes and it is estimated that the annual payment would be about $780,000.

The payment in lieu of taxes would increase in stages over the course of the tax exemption, according to the text of the ordinance.

A vote for final passage of the ordinance will be held at a future council meeting.

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