BAYONNE, NJ - A project that is ultimately expected to bring 2,700 jobs to the former Military Ocean Terminal (MOTBY) through the construction of a high tech warehouse for e-commerce companies was awarded a 30-year tax abatement from the City of Bayonne Wednesday.
Lincoln Equities Group, the developer behind the project, are also relieving the City of the $2.2 million dollar burden associated with demolishing the structures that previously stood on the site.
Referring to the demolition as a “give back”, Council President Sharon Ashe-Nadrowski said that under the previous Mayoral Administration it was the city that was going to be forced to take on those costs. The developer will also, Ashe-Nadrowski said, make road improvements and provide open space.
Closing on the site in 2018 after paying a purchase price of about $326,000, officials with Lincoln Equities Group have said that construction of the 1.6 million square feet industrial warehouse designed to serve nearby shipping operations is expected to take about three years to complete.
While usually a critic of similar financial arrangements Councilman Gary LaPelusa called this one “a home run for the town.”
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