The Municipal Council of the City of Bayonne on Oct. 15 introduced an ordinance approving a financial agreement between the city and Chauncey 5 Urban Renewal LLC for a redevelopment project at 562–568 Broadway and set a public hearing and final passage for Nov. 12.

The director presented the development package as a nine‑story market‑rate residential project with a pocket park and a 25‑year PILOT schedule. Under the agreement as read into the record, years 1–15 of the PILOT are assessed at 10% of otherwise due taxes (with an effective tax phase‑in at 0% for years 1–15), years 16–18 at 20%, year 19 at 40%, year 20 at 60%, and years 21–25 at 80% of taxes otherwise due. The city also would receive a $110,000 financial contribution toward a pocket park and a negotiated annual service charge that functions as a minimum payment.

Why it matters: Council members said the project would redevelop a vacant or underused site on Broadway and generate new revenue in future years, but several members and public speakers pressed for more workforce or affordable units and questioned the fairness of long PILOT terms.

Council debate centered on affordability and tax burden. Councilman [last name Carroll] said the agreement “includes no element of affordability” and voted no on the introduction. Director Schellander (city administration) described the negotiated terms and the rationale for the multi‑tiered phase‑in and minimum annual charge. Council member Booker voted to introduce the ordinance. Council member Perez moved the introduction; Council member LaPalouse seconded the motion. After debate, the council approved the introduction on a recorded vote of 4–1 (Booker, Perez, Weimer, LaPalouse: Aye; Carroll: No). The hearing and final passage were scheduled for Nov. 12.

What was said: Councilman Carroll argued at length that lengthy PILOTs shift tax increases away from new developments and onto existing taxpayers, and repeated “I voted no” during the roll call. Director Schellander said the PILOT was negotiated to make the redevelopment financially feasible and noted that the agreement does include mechanisms by which the city shares in future rent increases after certain thresholds.

A few council members acknowledged the tradeoffs between attracting development and protecting affordability. One council member said the city needs to reconsider zoning and long‑term planning to address placement of tall towers and to align redevelopment with housing affordability goals.

Next steps: The ordinance will return to the council Nov. 12 for public hearing and final passage. The council directed that additional details remain available to the public and indicated NW Financial (the city’s financial advisor referenced in the meeting) and the developer would provide further documents at the next hearing.

Votes at a glance:
- Motion: Introduce O‑10, approve financial agreement with Chauncey 5 Urban Renewal LLC (moved by Council member Perez; seconded by Council member LaPalouse). Result: Introduction approved. Vote: Booker—Aye; Perez—Aye; Weimer—Aye; LaPalouse—Aye; Carroll—No. Public hearing set for Nov. 12, 2025.

Concise context: The council described the site as a former bank property being converted to market‑rate housing with a small public park; the agreement is a negotiated PILOT and does not include a mandated affordable housing component in the terms presented on Oct. 15.