As a life long resident of Hoboken, the son of Anthony C. Corea one of the original members of the Hoboken Parking Authority, a taxpayer and a local businessman the sale of the automated parking garage at 916 Garden Streets seems to fly in the face of sound economic policy. In the business would it would not be considered a sound financial move to sell a project in which one had invested approximately 13 million dollars for 5.7 million dollars. It does not seem to make sense to give up 75 thousand dollars a month in rent.
Mr. Mayor, several questions have emerged from this deal that need explanation. Why sell a valuable piece of real estate for what appears to be a 7.3 million dollar loss? If you paid the developer 13 million in Hoboken tax dollars to build a state-of-the-art automated parking garage you supported as a councilman why is it worth only 5.7 million now? Do you need the 5.7 million dollars to cover a municipal budget gap created by overspending? Did you sell the garage because you are afraid of further criticism for supporting the building of the garage if the project has problems in the future? Are you costing Hoboken homeowners and renters tax dollars through an irresponsible business deal to avoid responsibility?
Mr. Mayor, being the chief executive of a dynamic community such as Hoboken is a constant challenge. It requires courage, dedication and foresight to fulfill the charge you accepted when you were sworn-in as Mayor. Please do not shrink from your responsibilities. Hoboken deserves the best.