The City of Hoboken has applied to the New Jersey Environmental Infrastructure Financing Program (NJEIFP) for a low interest loan to acquire Block 10, Lots 1-7 and 30-36 for the construction/expansion of Southwest Resiliency Park (Block 10) for open space preservation, stormwater management and floodwater management.
The City’s first appraisal determined a value of $3.975 million, which the City Council previously approved as an offer price to the property owner. A second appraisal determined a value of $5.3 million. An ordinance to accept the second appraisal and authorize a new offer amount was approved on first reading by the City Council and will require a second reading at an upcoming Council meeting. The City’s low interest loan application to the NJEIFP will also include approximately $607,000.00 for planning, engineering and permitting as well as $318,000.00 for NJDEP administrative fees and contingency.
The City will conduct the public hearing to solicit input from the public on Wednesday, November 8, 2017 from 6:00 p.m. until 8:00 p.m. at Hoboken City Hall, 2nd Floor Mezzanine located at 94 Washington Street, 2nd Floor, Hoboken, N.J. 07030.
Upon acquisition, the City will go through a full public planning process to develop design plans, specifications and estimates. It is anticipated that the parkspace will feature a mix of active and passive recreational space, green infrastructure (rain gardens, shade tree pits, porous pavers, cistern(s) for rainwater harvesting and reuse) and an underground detention system to reduce stormwater run-off and localized flooding.
Copies of the environmental planning document, real estate appraisal, and site survey may be viewed on the City’s website or in the Office of the Business Administrator, located in City Hall, 94 Washington Street, Hoboken, N.J. Written comments may also be submitted to: Christopher Brown, Principal Planner, City of Hoboken, 94 Washington Street, Hoboken, N.J. 07030, or by email to [email protected].
