UPDATE! The Hoboken Journal will be at the City Council Meeting tonight and will provide text updates throughout the meeting as interesting things happen.
Hoboken 411 and another source that I trust believe the Church Square Towers PILOT will be pulled from this agenda.This PILOT was created in 1965 and goes for 50 years. It probably can be adjusted but there must be a political force that will drive that change.
UPDATE! According to estevens (Eric Kurta) on Hoboken 411:
Church Towers has 402 units and pays $463K in city taxes annually. That would mean an annual property tax payment of $1152 per unit.He also said he would look into requesting a copy of the PILOT agreement to see if they pay any county or school tax is well. I don't think they do and if so would result in a tremendous subsidy for the owner of the building and those living in it.
Resolutions (can be approved at meeting):
1. Requesting COAH (Council on Affordable Housing) review and approval of Development Fee Ordinance.
2. Authorizing the administration to advertise for an auction of surplus city equipment and abandoned vehicles/materials on January 30, 2009.
3. Extending the agreement for payment in lieu of the taxes (PILOT) for property known as Church Towers. Possibly pulled from agenda.
4. Amending prior resolution awarding contract for appraisal services.
5. Concerning proposed ordinance DR-366 to amend Chapter 196 of the Code of the City of Hoboken concerning open recreational space.
6. Acquisition of property in Block 11 for open space and park land.
Ordinances, Introduction and First Reading Only:
$1,900,000 in bonds for road improvements (DR-388)
$2,200,000 in bonds for Parking Utility improvements. (DR-389)
Link to City Web site for 1/7/09 Agenda:
http://www.hobokennj.org/pdf/amr/cc/agenda/ccm-1-7-09.pdf
