The Jersey City Council moved forward a 30-year tax abatement for Bergen Avenue Urban Renewal LLC, a 5-story project to be constructed at 280 Fairmount Ave. in Ward F.
Voting against the abatement, Ward D Councilman Michael Yun explained, “We understand that the general consensus of the members [of the] council is that 30 years is too long and it’s about time we drew a line.”
However, according to Ward F Councilwoman Diane Coleman, this is “a much needed” addition to the area.
“This 30-year tax abatement is in Ward F and is in a much needed area. I believe that it should be and the developer has agreed to talk to me about some community benefits and I feel good about that.”
Although Jersey City Council President Rolando Lavarro also voted for the abatement, he did not make it clear whether he agreed with the length of time.
In accordance with the policy, as the developer is with this project, the policy stipulates for 30-year zones.
“The question whether that entire areas should be thirty years, that’s no fault of the developer as it was stipulated in the past,” said Lavarro. “I am looking forward to Councilwoman Coleman getting some community benefits.”
The five-story building is located within Tier IV of the Jersey City Tax Abatement Policy Map. Tier IV allows abatements for up to 30 years.
The construction cost is estimated to be $25 million, with 58 market rate residential units, 3,219 square feet of mixed-used space and 32 parking spaces.
The project is expected to bring 15 jobs during construction and 3 permanent jobs.
City Council voted 6-3 with Ward C Councilman Richard Boggiano, Ward D Councilman Yun and Councilman-at-Large Daniel Rivera voting against the ordinance.
Final passage for the 30 year tax exemption will be voted on Wednesday, February 24, 2016.
