And there are only three of them; Phil Kenny, Steve Fulop and Viola Richardson all voted against giving the deep pocketed Fisher Development Associates a further tax break at the expense of Jersey City residents. The rest of the council it should and is now noted are FOR city taxpayers taking on the burden of paying more for a private developers white elephant that has 269 units of which they have only been able to sell 24 of even after a 30% price drop.
The six of you are all on notice.
Showing posts with label Fisher Development Associates. Show all posts
Showing posts with label Fisher Development Associates. Show all posts
Thursday, June 18, 2009
Wednesday, June 17, 2009
Dear Jersey City Council, don't you dare allow luxury condo developer to reduce payments
Fisher Development Associates, owners of Crystal Point condos, luxury units on the Hudson River want to amend their payments to our fair city because times are HARD for them and they've only been able to sell 24 out of the 269 condos they built.
Know what Fisher Development Associates? Hard cheese. It's called the cost of, and risk of doing business. If the Jersey City Council allows you to change your PILOT agreement (Payments in Lieu of Taxes) then everyone who is experiencing hard times in these overall challenging economic times will want and expect a break. Shoot, if John Q. Public can't get tax breaks now, why should big deal condo developers get breaks. Here is what the developers want to get from Council:
A change in the PILOT agreement from 20 to 30 years and reduce the percentage of annual gross revenue paid from 16 to 11 percent for the first five years, with 13 percent payments for the next five years, and 16 percent payments for the final 20 years.
You're kidding right? Do you realize how much this would cost the taxpayers of Jersey City? Al Cameron, deputy director of the city's Department of Housing, Economic Development and Commerce has it right and is on the side of sound economics when he said the request should be rejected. Downtown Councilman Steve Fulop agrees, it's simply a way to shift Fisher Development's responsibilities onto the taxpayer.
The hell with this request. You pays your money and you takes your chances. Little guys never get breaks like this from the City Council, no way should a big deal developer, who can withstand the economic hit even better then the average homeowner get this request approved.
Council, we're taking names on this vote, just saying....
Know what Fisher Development Associates? Hard cheese. It's called the cost of, and risk of doing business. If the Jersey City Council allows you to change your PILOT agreement (Payments in Lieu of Taxes) then everyone who is experiencing hard times in these overall challenging economic times will want and expect a break. Shoot, if John Q. Public can't get tax breaks now, why should big deal condo developers get breaks. Here is what the developers want to get from Council:
A change in the PILOT agreement from 20 to 30 years and reduce the percentage of annual gross revenue paid from 16 to 11 percent for the first five years, with 13 percent payments for the next five years, and 16 percent payments for the final 20 years.
You're kidding right? Do you realize how much this would cost the taxpayers of Jersey City? Al Cameron, deputy director of the city's Department of Housing, Economic Development and Commerce has it right and is on the side of sound economics when he said the request should be rejected. Downtown Councilman Steve Fulop agrees, it's simply a way to shift Fisher Development's responsibilities onto the taxpayer.
The hell with this request. You pays your money and you takes your chances. Little guys never get breaks like this from the City Council, no way should a big deal developer, who can withstand the economic hit even better then the average homeowner get this request approved.
Council, we're taking names on this vote, just saying....
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