Jersey City’s new mayor says the city recovered millions of dollars in years of uncollected taxes from a Jersey City developer.
Mayor Steve Fulop announced Monday recovering $2.3 million from a developer who failed to make payments to the city as part of a tax abatement agreement. According to Fulop, EQR Lincoln Urban Renewal Entity did not voluntarily turn over excess profits to the city that it agreed to in a July 2000 contract.
The mayor campaigned on a promise to audit all of the city’s tax abatement contracts to ensure the agreements were being enforced.
“What we are finding as we conduct these abatement audits is that the prior administration literally left millions of dollars on the table,” Fulop said in statement. “These are tax dollars that could be used to put cops on the street, fund recreation programs, pave roads, or simply lower the amount of taxes paid by our residents. Failure to collect this money is unacceptable and we are going to hold these developers accountable.”
Under state statute, developers who are awarded tax abatements are limited in what they can earn in profits.
The developer was awarded a 20-year tax abatement contract in 2000 and began collecting excess profits in 2007.
“Developers who have received tax abatements from the City should be on notice that we will be enforcing their contracts to ensure the City is collecting everything it is owed and if legal action is required we are prepared to take that action,” stated Jeremy Farrell, Jersey City’s Corporation Counsel.
In his capacity as head of the Republican Governors' Association, Gov. Chris Christie went to Chicago tonight to help the canddiacy of Illinois gubernatorial candidate Bruce Rauner.Read More >
After 'briefly' meeting with Christie in Aspen, Astorino says he can live with not having Christie's help New York gubernatorial candidate Rob Astorino's campaign described their candidate's fundraising trip to Aspen last night as a success - even if they will not be depending on the chairman...
By Michael Capelli As a 30 year union carpenter, I learned first-hand how important it was to have the right tools for the job. Now as the Executive Secretary-Treasurer of the 30,000 men and women of the Northeast Regional Council of Carpenters I... Read More >
"Gov. Chris Christie says he won’t campaign for the Republican gubernatorial candidate in New York because the cause is hopeless: Gov. Andrew Cuomo is ahead by more than 30 points. But he will campaign in New Hampshire, over and over, where the Republican is also trailing by more than 30 points. What’s the reason? It may be that New Hampshire holds the nation’s first presidential primary. It may be that he doesn’t want to mess with Cuomo, who knows where the skeletons are buried at the Port Authority. But one thing is certain: Gov. Straight Talk is spinning again. And it seems to be habit-forming." - columnist Tom Moran- Star-Ledger
Press releases are submitted by PolitickerNJ users, not by staff. They do not represent the viewpoint of PolitickerNJ.com.