City to receive $1.5 million and block of land as settlement with developer - should be parking, park, or something else?
May 02, 2013 | 3720 views | 2 2 comments | 19 19 recommendations | email to a friend | print

HOBOKEN -- 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. Ursa is a developer of property in the northwest section of town. 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.”

What should the land be used for? Comment below!

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May 02, 2013
Definetely not affordable housing? we already have way too much of that in hoboken? a park would be great.
May 02, 2013
A park on that land is a much better geographical and finacial fit for the City than the Pino site being looked at to purchase a only two block away.