City Seeks to Make Offer for Land to Expand Southwest Park

Hoboken, NJ - Wednesday, November 1st, 2017

The Hoboken City Council will be asked to authorize a higher offer for Block 10, a nearly 1-acre vacant property for the expansion of the Southwest Park. An ordinance to authorize the new offer will be on today’s agenda, Wednesday, November 1st, on first reading.

The proposed increased offer is based on a second appraisal of the property conducted by the City, which the City received yesterday afternoon. The appraisal will be reviewed in closed session with the City Council and made publicly available after the closed session. The City’s first appraisal determined a value of $3.975 million, which the City Council previously approved as an offer price. Following the initial offer, the City has been attempting to negotiate with Academy Bus, which owns the property. Academy Bus had committed to conducting its own appraisal by October 13th, but has failed to meet the agreed-upon deadline.

Two appraisals are required as part of the City’s application for low-interest funding from the New Jersey Environmental Infrastructure Trust. Approval of the appraisal and the increased offer are a necessary step for the continuation of the negotiation process and ultimately for the expansion of the park. The park expansion will enhance the new Southwest Resiliency Park by facilitating the addition of important amenities including more active play space for children and adults and expansion of the neighborhood’s flood protection.

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