Daniel Horgan, a lawyer representing the owners of the Embankment, and James Riffin, one of the principal shareholders of CNJ Rail Corporation, warned the Jersey City Council of risks associated with the OFA application to acquire the Sixth Street Embankment.
On September, 23rd the Jersey City Council on 7-1 vote, with Councilmen Boggiano voting ‘No’ and Ramchal abstaining, approved an ordinance authorizing the city to file an Offer of Financial Assistance with the Surface Transportation Board to acquire the Sixth Street Embankment for continued freight rail use.
A group of about 20 activists showed up in support of the ordinance, which they hope will lead the city to confiscate the Embankment from its owner, Steve Hyman, turning the land into a park.
Daniel Horgan, a lawyer representing Hyman and his wife, the owners of the embankment, warned the city that the roughly $5.7 million he claimed would be used for the OFA, coming from a previous bond, could be securities fraud.
James Riffin, one of the principle shareholders in CNJ Rail Corporation, which has a financial interest in continuing freight rail, and who has also filed an OFA with the STB, warned the city council about the risks to quality of life for the rest of the city should the OFA be approved.