The Jersey City Council gave the initial okay to a 30-year payment in lieu of taxes (PILOT) agreement for Canal Crossing, as well as a related but separate measure to give the local board of education 10 percent of their PILOT revenues at last night’s meeting.
The 508-unit project would have 102 affordable units – $774 a month for a studio, $829 for a one-bedroom, $995 for a two-bedroom, and $1,149 for a three-bedroom home, at 850-870 Garfield Ave. and 874-902 Garfield Ave, as was discussed at caucus.
“If you’re a homeowner in Jersey City, you may feel concerned about it when you hear the word PILOT. That’s because PILOTs have been political fodder for so long in our city,” Ward C Councilman Tom Zuppa began.
Zuppa said that despite that fact, this particularly usage would benefit homeowners throughout the city…