The Bayonne City Council will again consider the $925 million 1888 Studios project at a special meeting scheduled for Wednesday.
By John Heinis/Hudson County View
Officials have said the effort at the former Texaco oil refinery site would create 2,600 union jobs during construction, with a tentative completion date somewhere between the third or fourth quarter of 2025.
They have also claimed that the project would inject over $190 million into the economy annually and offer a total of 1,867 jobs per year.
While the measure passed a 30-year payment in lieu of taxes (PILOT) agreement and a $65 million bond on first reading at a special meeting last month, they opted to carry the measure last week since the city council wanted to review changes to the plan.
“We are not moving on this resolution this evening. We’re a little concerned. We hear the public talking about changes being made,” Council President Gary La Pelusa said at the time.
“I want to see this redevelopment agreement before we vote. There’s been a lot of moving parts. We want more time to review all this paperwork.”
The meeting will be held in council chambers at City Hall, 630 Avenue C, on Wednesday, March 1st at 7 p.m.
To all taxpayers in residence of the city of BAYONNE. Please show up on March 7 at 7 PM. The above project is good for BAYONNE, however bonding and giving a letter of credit for $65 million along with a pilot is NOT!! We have no benefit from this financial agreement and so-called double perk for the developers. Could you get a mortgage at the municipal rate? Why does a French financier developer need our $65 million redevelopment area bond for a project that will supposedly cost almost $1 billion – yes $1 billion. This does not make sense for us the taxpayer and residents. What are our benefits and giving them a pilot plus A $65 million redevelopment area bond? Why do they need our 65 million? Point blank asked that question. Is it because they cannot get the financing without it? Or, is it because of inflationary times which is causing lender rates to skyrocket? Either way we as residents need to sacrifice and do what we have to do during these times… Which Is pay the going price” and “pay the going rate”Why shouldn’t the developer?
The Financial Agreement should be voted down and let the developer look for investors- the same investors that would participate in the city’s area re-development bond process guarantee. I am sure there are many people out there that are looking to invest in this project. We are giving too much to developers and nothing to our current residents and taxpayers.
It’s short sighted to dismiss the PILOT and bond out of hand. You have to look at what portion of the PILOT is used to service the Bond, and how much the PILOT brings in annually over the current ad valorem real estate taxes. With a PILOT it’s not the municipality taking a hit it’s the county. Hudson County currently gets over 16% of the taxes you pay. Under a PILOT they only get 5%. The Town keeps the balance!! Look at the numbers before you rush to judgement. PILOT’s are generally really good for a Town!