Candidate Fulop in 2013 (from Civic Parent)
The policy will immediately change?
The City’s tax abatement policy has longed robbed the school system of necessary resources. New real estate development tax revenue should be allocated in equal proportions to the County, City, and Board of Education. Instead, the City allocates 100% of revenue collected through tax abatements for municipal expenditures. Under Mayor Fulop, the policy will immediately change. A portion of the tax abatement revenue will be allocated to a dedicated, non-discretionary account for school funding. In this way, real estate development will help fund Jersey City public schools. (Bold added for emphasis)
Yeah right. The promise was almost immediately forgotten. In August, Fulop announced a new PILOT policy which changed the structure of PILOTs for different parts of Jersey City, but gave no PILOT revenue to the Jersey City schools.
In October, when Steve Fulop's first PILOT agreement was finalized for the "Journal Squared" megadevelopment, the broken promise became official.
On October 22, 2013, Mayor Fulop announced the City’s plans for its first signature abatement: the redevelopment of Journal Square with the $666 million, three tower “KRE” deal, comprised of 1,840-rental units and 36,000 square feet of ground floor retail space. On November 13, 2013, three weeks after the announcement, the City Council voted on the abatement.
NJ's PILOT law was created to incentivize development where it would not otherwise occur.
It seems to me that it this is increasingly not needed in Jersey City.
After all, Steve Fulop just said at a recent building ceremony.
"We couldn't be more proud of the growth of Jersey City. The fact that residents fill these buildings up as soon as we build them speaks to the demand of Jersey City."