BAYONNE, NJ - The Bayonne City Council is set to consider an ordinance that would extend a tax abatement on East 12th street properties.
The Plattykill Manor Apartments, a private Section 8 development, received a 40-year abatement in the 1970s and then an 18-month extension two years ago. The council is currently considering giving the apartment complex an additional 15-year extension.
While abatements are generally granted to new development to encourage construction in areas considered to be blighted city officials have said the extension would encourage the property's owner to make upgrades to the buildings and guarantee a higher quality of life for residents that live in the 147 units.
Although the council appears to be leaning towards supporting the extension in an effort to improve affordable housing in the city, the proposal certainly doesn’t yet have unanimous support among the five-member body.
“I vote against most tax abatements,” Councilman Gary LaPelusa said, adding that he is concerned about setting a new precedent when it comes to the granting the use of abatement on existing projects. “With this one, I’m concerned because we extended this abatement once before. But we never extended an abatement before that.”
The property currently pays under $180,000 in taxes to the city on an annual basis, a figure that would rise to about $376,000 if the abatement weren’t granted.
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