As a bill introduced by Assembly Speaker Vincent Prieto (D-32) moves through the Assembly to merge the Meadowlands Commission with the NJSEA, State Senator Nick Sacco (D-32) explained how this will help the Hudson County municipalities affected by the Meadowlands Commission tax sharing agreement.
Sacco noted that the tax sharing agreement led to budgetary problems for municipalities in the past, since the amount being taxed typically varied from year to year.
“It was such an outdated thing, that when I brought it up, brought it up in a Senate caucus, Senators said ‘How could that have happened?’ I said ‘it happened because when they did it, it (the meadowlands) was only swampland and no one ever envisioned what was gonna happen,” Sacco recalled.
As a result of the new legislation, Sacco said the township of North Bergen will save $750,000 in the upcoming year, while the town of Secaucus will save close to $3 million.
The Hudson County municipalities that currently pay money towards the Meadowlands tax sharing agreement are North Bergen and Secaucus, while Jersey City and Kearny receive funding from the arrangement.