The Hoboken City Council could vote on a long-awaited Western Edge settlement that includes a “30-year financial agreement” at Wednesday’s meeting.
By John Heinis/Hudson County View
In October 2021, Pegasus Partners, the developers of the Western Edge project, filed a lawsuit in Hudson County Superior Court alleging that Hoboken allowed Union City to interfere with the height and scope of the project at 1200-1330 Madison St.
” … Hoboken’s officials had already agreed with Union City that the building heights that it had promised would not be approved, and had made written statements to Union City officials that Hoboken would not approve the specific building heights to which they subsequently agreed in the Agreements,” the suit says.
Hoboken American Legion Post 107 Commander John Carey expressed frustration over the stalled development back at a council meeting in April, calling Mayor Ravi Bhalla “a tower of jello” for allowing the Mile Square City to get the short end of the stick.
The post is also a plaintiff in the lawsuit.
A resolution sponsored by 5th Ward Councilman Phil Cohen calls for dropping the height to 145 feet, upping the total number of units to 801, eliminating commercial units except for first floor retail, and community benefits by the redeveloper capped at $2 million.
Additionally, the 30-year tax break specific to Block 116 would include an annual service charge equal to 10 percent of annual gross revenue, staged increases extended to the full extent permitted by law, waiver of obligations under Chapter 23 of Hoboken Code, along with no administrative costs.
However, nothing is a sure thing, since the item has made it to several council agendas since their October 20th, 2022 settlement and it was carried each time.
The council will also discuss the matter in closed session before they decide whether or not they will finally vote on the settlement.
The governing body convenes on Wednesday at 7 p.m. at City Hall, 94 Washington St., and will also be streamed live on the city’s Facebook page.
After many failures to get it right will Hoboken figure out how to legally fund the school system when writing up a PILOT agreement ?
Why do developers here get any tax break? This is a highly desirable area, they’ll make a mint building here. Why should the city provide tax breaks? If they don’t like building without tax break, screw them.
How can Ravi get paid then? You think he can see enough profit from the new weed store on 14th & Hudson? So cruel of you. Ravi has to getz paid.
Do you make a profit when you sell your house?