Grist for the Mill – Municipal Garage Edition
Lots of blowback from unusual places and sources. Can the city possibly undo the deal former mayor Roberts made on the Hoboken Municipal Garage? If true, there’s real hope the city may be in fact stringing together a way to undo years of damage of his administration by possibly buying back the garage with the existing buyer stepping aside.
Timothy J Carroll broke the story at the Hudson Reporter earlier and MSV has an inkling of horse sense this in fact may be possible.
The original deal was concocted with a quasi government entity, the Hudson County Improvement Authority (HCIA) back in 2005 and extended almost $8 million to the city in a “leaseback transaction.” The city has been paying about $100,000 in a monthly lease since.
On the agenda tonight is a much higher bonding proposal than the original two million or so pulled from the agenda earlier. Although the city would advance this as part of an overall contingency, couple this with the potential buyer S. Hekemian stepping aside would allow the city to pay back the HCIA and then continue business as usual!
In 2008 S. Hekemian paid $25.5 million with the plan of converting the building into residential condos. With Hoboken’s market already overdeveloped, the initial appetite for such may be gone leaving the city with an opportunity to execute a simpler plan and reverse the mistakes made under the Roberts Administration. The Hudson Reporter says that group may be fine with stepping away from the deal – but that’s not on the record from the business itself.
Here’s the respac for tonight’s City Council meeting. Take a close look at Mayor Zimmer’s communication to the City Council. It’s foreshadowing all of this potential in some abbreviated sweet strokes.
The haters will be left with an empty gas tank tonight. They will have to hang their shingle on Councilwoman Mason’s ethics “efforts” that have been torpedoed by existing State law, something Mayor Zimmer is looking to affirm locally as well. Such a move on that front would remove the past, present and future grandstanding efforts on “ethics” we’ve seen in great doses locally in Hoboken. Complaints would go to the State where local politics is less likely to find its way into legitimate concerns.
That’s gotta sting the bottom feeders on the Beth Mason payroll. She should get a refund.
Can Da Horsey get a petition going?!
Update: 5:00 – This is not a done deal with the business S. Hekemian by any stretch. A source from outside of government says there may be interest in moving this to some end game but the city is nowhere near that point. Cross your fingers we get there. Unless of course you live near and don’t like the existing garage. Then of course you may have fished your wish and karma is a, well you get the idea.