Politics & Government
Muni Garage Settlement: City Gives Back $2,5M Deposit
A mutual agreement, which corporation counsel called "amicable."
The city announced some more details about the regarding last year's The city is giving up its right to a $2.55 million deposit from SHG, which is currently sitting in an escrow account.
The money has been in escrow ever since the city and SHG entered into the agreement in 2008.
As part of the settlement, SHG gives up its claim for a return of a $200,000 redevelopment fee paid to the city, according to a press release.
Find out what's happening in Hobokenfor free with the latest updates from Patch.
In August 2010, the city council terminated the contract with the developer,
The city also bonded $16 million last year, to It's still unclear what's going to happen to the garage, and when—and if—the property will be sold again.
Find out what's happening in Hobokenfor free with the latest updates from Patch.
"Both Hoboken and SHG hold each other in high regard," according to the city's press release, "and may work together on future projects, including the Municipal Garage."
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
