JERSEY CITY, NJ - Work to rebuild infrastructure in Coles Street Park will be paid for by a special assessment of property owners in the area, not taxpayers across the city, according to City Business Administrator Brian Platt.
The city council introduced the ordinance at the April 15 meeting and are expected to adopt the ordinance at the April 22 meeting.
The city, along with Manhattan Building Company, broke ground on the 1.5-acre park earlier this year in what was formerly a vacant lot along Coles Street between 16th and 18th Streets. Construction of the park by the same developers that were responsible for the Cast Iron Loft buildings and Soho West comes as part of an agreement they made with the Jersey City Redevelopment Authority.
The company recently received a $168 million loan and has already demolished a portion of the former Emerson Radio buildings in the same area once known as “The Horse Shoe” near the Hoboken border.
“Prior to my time on the council they were granted more apartments and height. In exchange they had to pay for improving some of the roads,” Councilman James Solomon said in supporting the initiative that will have the city initially bond to get the work completed and than recoup the $2.9 million over 30 years.
The city will take ownership of the park once it is completed late this year.
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