Jersey City makes peace with the Port Authority

first_imgSTARTING OVER – An agreement between Jersey City and the Port Authority will transfer ownership to the city of the Power House Building, as well as settling several other long-standing dispute ×STARTING OVER – An agreement between Jersey City and the Port Authority will transfer ownership to the city of the Power House Building, as well as settling several other long-standing dispute JERSEY CITY – The City of Jersey City and the Port Authority of NY/NJ announced on March 14 an agreement that resolves litigation and long-standing issues between the two government entities, representing what they called a new chapter of positive relations between them.The agreement includes a $17,750,000 payment from the Port Authority to the city for the ownership of a triangle parcel on Washington Street which will be the site of new PATH transformers. Both the city and the Port Authority will work on the design of the transformers to increase performance and reliability.The agreement will also authorize the transfer of the Powerhouse Building on Washington Street from the Port Authority to the city so its rehabilitation can commence.The Port Authority also agreed to a 70 percent increase in annual payment in lieu of taxes to the city for several properties, amounting to $1,699,916 per year for a 10-year period, for a total of over $16 million.The Port Authority will perform a feasibility study for a new Marion PATH station to take place over the course of one year. This would be a new station west of Journal Square that would accommodate large new proposed development in the Marion section of the city.The agreement also includes the dismissal of all litigation between the two entities with prejudice.“Today’s announcement of our agreement with the Port Authority is the major step in reshaping our relationship with an entity that is a major force in Jersey City,” said Mayor Steven Fulop. “This resolution is a positive one for our residents, bringing over $35 million to Jersey City as well as a renewed commitment to several important projects.”last_img

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