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| https://jerseydigs.com/hoboken-approves-new-hilton-hotel-deal-3-2-million-in-givebacks/ |
No doubt, Pupie-mania has swept the Mile Square! However, as all eyes were riveted on the Newark trial of Frank Raia, something more consequential to Hoboken residents happened last Wednesday at Hoboken City Council. On Wednesday June 19, Hoboken's legislative body approved a new, revised redevelopment deal with KMS, the Post Office Hotel developer. As reported in Jersey Digs:
"Supporters are hoping the second time is the charm for this project, as the city council approved a new redevelopment plan with KMS at their June 19 meeting. The details of the hotel portion remain mostly the same; the structure can include up to 350 guest rooms on 20 occupied floors, will include a 6,400-square foot rooftop terrace lounge accessible to the public, a gym, meeting and banquet spaces, on-site and off-site parking, a combined lobby bar and public restaurant, and a retail sidewalk café use on the ground floor."
Recall that last March, the Hoboken-KMS Redevelopment deal did not survive a court challenge by two adjacent building tenants. The court ruled that the $4.85 M in developer givebacks were a 'quid pro quo' that could lead to abuse and fraud. The City and KMS voided the agreement, and if at first you don't succeed... Jersey Digs describes the new configuration of givebacks- essentially the same amount of money- but apportioned in a way to address the court's prior concerns.
"The biggest giveback in the latest version of the deal involves a $3.2 million payment into an escrow account that will go towards “one or more projects with specific public purposes within or about the Post Office Rehabilitation Area, as determined by the city.... Besides that, KMS will be contributing $165,000 towards First Ward improvements that will be chosen by the city. Additionally, an investment of $1.5 million for streetscaping, paving, sidewalks, lighting, utilities, landscaping, stormwater control, and the creation of a pocket park with the project are included in the deal.... Both a renovation to the neighboring Frank Sinatra Post Office plus the construction of an underground loading facility are still included in the new pact. However, there are no funds allocated towards a YMCA renovation this time around."So the public and charter schools are getting left high and dry? What about the YMCA? Or...
Has the language of the new agreement been crafted to give the City latitude on how to use the $3.2M in escrow?
Stay tuned...
City of Hoboken: Final REVI... by on Scribd
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