On the Agenda: Refinancing the Midtown Garage

the council is being asked to approve the refinancing of the bond on the midtown garage during Wednesday night's meeting. The measure needs to pass, the city says, because the garage will be used by a private entity (buyer of the Hoboken University Medical Center, HUMC Holdco LLC).

The bond, therefor, needs to be changed from non-taxable (which it is currently) to taxable. This refinancing, Mayor Dawn Zimmer has said, could save the city roughly $50,000.

If not passed, however, Zimmer said that severe cost will cause the city to implement lay offs "across the board."

The mayor needs six votes for the bond to pass, which means that at least one member of the council minority needs to vote "yes." All four minority council members voted "no" on first reading of the refinancing a few weeks ago. (Only five votes are needed on first reading.)

—one of the four minority members—said he wouldn't be approving any more bonds in the near future.

The issue will be discussed during the council meeting on Wednesday night, which is scheduled to begin at 7 p.m. You can also take our poll, or share your opinion below.