Post by Logan on Jun 8, 2016 22:51:48 GMT -6
'Very good news' for taxpayers: Port Authority to pay $12M more to Newark
NEWARK — Newark property owners could be spared a tax hike in 2017 thanks to increased lease payments from the Port Authority of New York and New Jersey, city officials told a gathering of local business leaders on Wednesday.
"This new revenue the city will realize from the Port Authority could mitigate the need for a property tax increase," Newark Business Administrator Jack Kelly told members of the Newark Regional Business Partnership.
Kelly said the city had renegotiated annual lease payments with the agency from the current $85 million to $97 million next year, an increase of $12 million in city revenues that could offset increased expenditures and eliminate the need for a tax increase in 2017. Mayor Ras Baraka, who also attended the Wednesday morning business gathering, corroborated Kelly's assessment of the increased Port Authority payments in an interview afterward.
The Port Authority did not immediately respond to a request for comment.
Read more: www.nj.com/essex/index.ssf/2016/06/newark_business_group_welcomes_very_good_news_on_2.html
NEWARK — Newark property owners could be spared a tax hike in 2017 thanks to increased lease payments from the Port Authority of New York and New Jersey, city officials told a gathering of local business leaders on Wednesday.
"This new revenue the city will realize from the Port Authority could mitigate the need for a property tax increase," Newark Business Administrator Jack Kelly told members of the Newark Regional Business Partnership.
Kelly said the city had renegotiated annual lease payments with the agency from the current $85 million to $97 million next year, an increase of $12 million in city revenues that could offset increased expenditures and eliminate the need for a tax increase in 2017. Mayor Ras Baraka, who also attended the Wednesday morning business gathering, corroborated Kelly's assessment of the increased Port Authority payments in an interview afterward.
The Port Authority did not immediately respond to a request for comment.
Read more: www.nj.com/essex/index.ssf/2016/06/newark_business_group_welcomes_very_good_news_on_2.html