MAYOR ZIMMER URGES COUNCIL TO PASS BOND ORDINANCE
In a memorandum to the City Council based on findings from legal counsel, Mayor Dawn Zimmer outlined contingency options regarding the municipal garage and stressed the urgency of passing the bond ordinance being considered at the June 13th Special City Council meeting. The bond can only be used for refinancing existing debt already borrowed against the municipal garage on Observer Highway. It cannot be used for financing the relocation of the garage.
“Failure to pass the bond could mean that our City risks losing all ownership interests in the garage,” wrote Mayor Zimmer.
Additionally, the garage could then be sold by the bank to Hekemian or other developers, “costing the taxpayers of Hoboken millions of dollars in lost revenue.”
Further, failure to pass the bond ordinance will “potentially cost the taxpayers of Hoboken an estimated $600,000, when all transactions costs and higher interest rates are calculated….Our auditor and financial advisor agree that voting no on this bond ordinance could severely impact our bond rating for years to come, costing the City untold amounts of money and/or lost opportunities.”
“I call on Council members to support this contingency plan and protect the interests of Hoboken residents,” said Mayor Zimmer.
Concerned residents are invited to attend the meeting on Sunday, June 13th at 7:00 pm in City Hall.
The memo from Mayor Zimmer to the Council, memo from legal counsel, and additional supporting
documentation are available on the Hoboken website at:
http://hobokennj.org/docs/mayor/Zimmer-Memo-6-10-10.pdf
My comment: Read this and get informed sheeple! The garage issue is not as cut and dry as Mike Russo or Beth Mason and their Zimmer detractors want you to think.
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