From the Jersey Journal:
Lengthy tax deals OK’d by council
By KEN THORBOURNE
The Jersey City City Council granted three tax abatements Wednesday that went beyond the usual 20-year timeframe.
Two 25-year abatements were related to a project by brothers Paul and Eric Silverman to transform the former Saint Francis Hospital in the Hamilton Park section of the city into a 225-unit condo complex.
The third tax abatement, for 30 years, was for the second phase of the American Can Co. building on Dey Street, where New York City-based Coalco is renovating the old factory to build at least 511 market-rate units, 440 parking spaces, 7,000 square feet of open space, and 1,200 square feet of retail space.
The developer has previously agreed to donate $185,000 to local nonprofit organizations. Council members said the developer deserved the 30-year abatement because this section of town needs an economic jump-start.
Of the Saint Francis project, council members said the developers, well-known for their renovation of the Majestic Theater, are giving to the city several amenities, including the re-opening of a section of Pavonia Avenue and the expansion of Hamilton Park.
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