The City of Jersey City has renegotiated the terms of their $105 million state loan, which includes repayments lasting for a 16-year period instead of 10, and no money due until 2028.
“During a time when Jersey City taxpayers are being asked to address the mismanagement of the previous mayor, these new terms and continued partnership across Jersey City, the Hudson County delegation, and in Trenton are a relief,” Mayor James Solomon said in a statement.
“Better terms mean a lower cost over time, and the forbearance means we get room to breathe while we do the hard work of balancing this budget. I want to thank our partners on the City Council, Governor Sherrill and the Department of Community Affairs for standing with us to get this done.”
The administration, along with the City Council, reached the new terms in partnership with the New Jersey Department of Community Affairs (DCA) and Division of Local Government Services (DLGS)…