Corea was implicated in an alleged scam in which $600,000 was allegedly taken by a Toms River contractor whose company was hired by the city to collect coins from city parking meters, according to the release.
Corea admitted that while he was the HPU director, "he steered three separate no-bid contracts" to the company "to collect, count, and manage the coins from the city's parking meters. He admitted that he made false statements to the City Council about the qualifications and experience of the company, which is a coin-operated arcade game manufacturer."
The owner of the company already pleaded guilty in 2009, the release says.
The state will recommend under the plea agreement that Corea be sentenced to eight years in state prison, including three years of parole ineligibility, according to the release.
He must pay $300,000 in restitution to the city of Hoboken, and will be barred from public employment in New Jersey.
Corea is scheduled to be sentenced in February 2012.
The city has since switched to multi-space meters, which provide for greater accountability of parking meter funds, city officials said. - Ray Smith