Tonight the City Council will consider an important vote to authorize the use of eminent domain to acquire the 2nd acre of property for expansion of the Southwest Park and for the application to Green Acres for a grant to buy the land.
Since all of Hoboken is concerned about traffic, open space, overdevelopment, and taxes, I am writing to provide some information on this important project because unfortunately, Academy Bus has chosen to completely misrepresent the facts surrounding this issue. Hereâ€™s some information for you to consider:
Park funding is available with no tax increase: The City has an Open Space Trust Fund, approved by the voters by a 3-1 margin in a public referendum in 2007, that is set aside exclusively for park land acquisition and park construction. This fund currently has a balance of $7 million, and approximately $2 million is added to the fund each year. This fund, by itself, provides a bonding capacity of $69 million. This is enough to fund the debt for the purchase of the NW resiliency park as well as the two acres in the Southwest, without ANY increase in taxes. Continue reading Hoboken Mayor Zimmer letter to Residents Regarding the Southwest Park