Bayonne council gives initial okay for Resnick’s long-term tax abatement

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The Bayonne City Council introduced the Resnick’s Redevelopment Plan, a financial agreement granting 957 Broadway Urban Renewal, LLC a 25- or 30-year tax abatement. Bayonne City Council on Resnicks Financial Agreement

By Jeannette Josue/Hudson County View

The redevelopment plan will include 91 residential apartment units, with 8,576 square feet of commercial space, as well as 150 parking spaces on 46th street.

According to the ordinance, the tax exemption allows for a long term mixed-use project with an annual service charge of 12 percent of the annual gross revenue for the first stage, and then 13% percentage of the annual gross revenue for a percentage of taxes otherwise due or the second through the fifth states.
Property assement and tax schedule of Resnicks Redevelopment Plan

957 Broadway Urban Renewal is seeking either a 25- or 30-year abatement from the start of the project which is the Spring of 2017.

3rd Ward Councilman Gary La Pelusa voted against the measure and explained his frustration to Hudson County View.

“It’s always been my own thing that if I have no paper work of it, if I have no notes on something that is added on, then I don’t want to vote on it all. Not even to introduce something,” he explained.

“I don’t know the terms. I don’t how many years, the rate. What kind of financial agreement are we talking about? And they had to recess because they didn’t have it written up.”

The councilman also shared how typically his colleagues have tabled items in the past if they have not received any notes on it, especially during caucus.

The financial agreement, which was introduced at the request of Bayonne Mayor Jimmy Davis, was the last ad-on item of the night at a council meeting with sparse attendance.

“It’s very, very unusual, and very, very disappointing that it actually passed,” La Pelusa concluded.

City council will revisit this financial agreement ordinance on February 15.

Back in April, the Bayonne planning board approved a 10-story, mixed-use project near 46 Street and Broadway, despite some residents expressing their concerns.