Davis on Bayonne’s $2.1M Costco deal: ‘This is how we fix our city finances’

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Bayonne Mayor Jimmy Davis announced a $2.1 million deal to bring Costco to the city, which he says will come with $435,000 a year in tax revenue, exclaiming “this is how we fix our city finances.” 

Mayor Jimmy Davis signing off on the Costco sale with Corporation Counsel Jay Coffey and JMF Development Founder and Principal  Joe Forgione. Photo courtesy of the City of Bayonne.
Mayor Jimmy Davis signing off on the Costco sale with Corporation Counsel Jay Coffey and JMF Development Founder and Principal Joe Forgione. Photo courtesy of the City of Bayonne.

By John Heinis/Hudson County View

“Having the chance to bring a company like Costco to Bayonne that pays its employees a living wage and provides great shopping choices and amenities is a home run for our city,” Davis said in a statement.

“This property has not paid one dollar in taxes for over 18 years and within a year it will provide $435,000 in new annual property taxes. This is how we fix our city finances”

City officials expect that ground will be broken on the site within the next few weeks and that the store will open for business later this year.

Davis and his team have been in dialogue with Costco representatives and have secured an agreement to host a job fair for Bayonne residents with a goal of ensuring that the store employs local workers.

Costco pays all of its employees well more than the minimum wage and is known for promoting from within and providing a living wage.

A recent study from the job website Indeed ranked Costco as the best large company in the country to work for in terms of salary and benefits.

JMF Properties won a bid to develop 16 acres of Harbor Station South back in June 2016, while the city council approved a measure to sell just over four acres of Harbor Station South for $2.1 million at their first meeting of 2018.