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Council introduces 30-year tax-exemption for 701 Newark Ave amid debate over developer breaks
Summary
City council members introduced a 30-year tax-exemption ordinance for a proposed Journal Square project at 701 Newark Avenue but several members voiced concern about the size of the abatement and whether the city is receiving adequate public benefit.
The Jersey City Municipal Council introduced an ordinance (item 3.4) on April 9 to grant a 30-year tax exemption under the New Jersey Housing and Mortgage Finance Act for a development at 701 Newark Avenue. The ordinance was introduced after a first-reading vote; introduction results were recorded as 6-1-1 (six in favor, one no, one abstention) with Councilperson Gilmore voting no and Councilperson Baggiano abstaining.
Several council members said at the caucus and during the…
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