The Jersey City Council okayed new terms for a $105 million state loan, which includes a 16-year repayment plan and giving Trenton officials veto power over certain municipal agreements.
“So these terms are better terms than what we received in July, they do come with some additional oversight roles with the state. We have to submit a five-year fiscal recovery plan that will be approved by this City Council,” note Councilman at-Large Rolando Lavarro.
“For my part, I intend to be involved, reaching out and extending to the administration to be involved in creating that fiscal recovery plan to ensure that it doesn’t overburden our Jersey City residents.”
Lavarro continued that he also inquired about the impacts this would have on tax abatements, payment in lieu of taxes (PILOTs), and other municipal matters, noting that the state would have the ability to shoot down proposals for tables of organization and tax breaks…