Tax Exemption Secured for Jersey City's Bayfront Project
MS&B is representing Jersey City on all aspects of the inaugural phase of Jersey City’s Bayfront Project in a formerly contaminated site along the Hackensack River waterfront. Most recently, the firm assisted in the negotiation of a Financial Agreement. The financing method being contemplated for this redevelopment plan is a PILOT, or long-term tax abatement, redevelopment area bonds, developer’s equity and tax credits. Tax abatements offer numerous benefits for redevelopment projects, providing flexibility and long-term tax advantages.
The first building in the project would include 210 residential units, with 74 designated as low-income housing. In all, up to 8,000 units are expected to be completed under the Bayfront Project, and 35% will be work force and/or affordable housing units.
Mayor Fulop said: “It is a major milestone for Jersey City and I couldn’t be more proud to see this project finally happen. It is a model for what a mixed-income development can be."
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