Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Jackson Square Lease topic
No spam. Unsubscribe anytime.
Council delays lease-purchase ordinance for Jackson Square office building amid fiscal concerns
Summary
An ordinance authorizing a lease-purchase agreement for a nine-story Jackson Square office building was carried to a future meeting after councilmembers voiced concerns over the city's fiscal capacity and competing capital needs.
Counsel and administration staff introduced an ordinance authorizing Jersey City to enter a lease-purchase agreement with Jackson Square Office LLC for a nine-story office building on Mont Luther King Drive in Jackson Square.
Councilmembers expressed concern about the city's fiscal situation and competing capital needs, including the condition of several police precinct buildings. One councilmember urged restraint, saying, "we've gotta stop spending money" and noting the city's tight budget. Another councilmember said residents on the project side of town want investment and a pedestrian plaza, but reiterated that the council must find funding.
City staff recommended carrying the ordinance to the next meeting to allow more time to address financing questions. Council decided to carry the ordinance to the November 12 meeting for further review; no final vote was taken at caucus.
The ordinance will return for additional council review and public hearings as required.
