Community: City to Receive 1 Acre Property & $1.5 Million From Settlement With Developer
The City of Hoboken has settled litigation with URSA regarding a dispute over whether the developer provided all of the benefits to which the City was entitled under a Redevelopment Plan approved in 2000. Because of the dispute, the City would not provide Certificate of Completeness to the developer.
As a result of the settlement, the City of Hoboken will become the owner of Block 102, lots 1-8 and 25-32 – an approximately one acre property in Northwest Hoboken. The property is located north of 11th Street between Madison Street and Monroe Street, immediately south of the PSE&G Madison Street Substation. URSA will be responsible for the environmental cleanup of the site and will also make a payment of $1.5 million to the City.
“I am committed to using the funds from this settlement to address the infrastructure needs of Northwest Hoboken rather than for general operating expenses,” said Mayor Dawn Zimmer. “I look forward to working with the City Council and the community to determine the best use for these funds and land, whether it is for parking, parks, community space, affordable housing, or other priorities.”
The City is pleased the matter could be resolved amicably in a way that results in a significant benefit to the infrastructure needs of the community.