JERSEY CITY, NJ-After previous administrations have helped build the skyline along the waterfront with office towers and luxury residential buildings thanks to generous tax breaks, Jersey City's new Mayor Steve Fulop now wants to steer incentives away from the waterfront.
Mayor Fulop, who plans to release his plan formally later this week, wants to offer tax breaks to developers who are interested in building in some of the city's poorer neighborhoods, according to the Wall Street Journal.
As a City Council member, Fulop, who won election to the city's top office in July, was critical of the abatements granted by the city, charging they were ripe for mismanagement and given out too freely. He has said he would establish firm criteria for giving out abatements based on where the developers built in the city to spur more investment in targeted areas.
Mayor Fulop said he plans to adopt the new policy with an executive order in the next week. It will be used on abatements as early as those under review during at the Aug. 28th City Council meeting. See story in the Wall Street Journal.
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