Jersey City Council Passes First Reading Of Bayfront Transfer

JERSEY CITY, NJ — The Jersey City Council voted to pass the first reading of an ordinance that would move a $170 million bond for the proposed Bayfront development, to the Jersey City Redevelopment Agency.

Bayfront is a planned redevelopment in Ward A that will include 8,100 units of housing, a 340,000-square-foot office space, 450,000 square feet of retail, and 19 acres of parks. The city has yet to find a developer to take on the land, so in the meantime, the city plans to transfer the bond to the Jersey City Redevelopment Agency.

"The city and the agency have further determined that in order to obtain the most advantageous interest rates with respect to such bonds and/or project notes that would be economical and otherwise advantageous to them and to the residents of the city, the city and the agency will enter into a subsidy agreement," the ordinance reads.

Read the full ordinance here.

The ordinance was up for a first reading and unanimously passed, 8-0, with Ward A Councilwoman Denise Ridley absent.

At-Large Councilman Rolando Lavarro raised questions about the formal agreement, pointing out that he had not received a copy of the agreement.