Although attorney Joe Bauman sang the praises of the BLRA for their foresight, the move may have come later than it should have, since the BLRA already has made moves to redevelop the Peninsula.
In June, lease agreements were signed between the BLRA and Fidelco Bayonne Realty Realty and its partners. But at the current time, the base is listed on the city tax rolls as a single block. If the city expects to get tax benefits from assessments of property there, the peninsula will needed to be subdivided.
Proposals to be presented to public
The first plan that is being submitted to the Planning Board will subdivide the property into 12 distinct districts - to be broken down roughly according to the redevelopment plan that the BLRA, City Council and the Planning Board approved over the last year. A more defined plan will be presented later that would show precise locations for roads and such.
The divisions include some waterways and other areas that are not being planned for redevelopment, as well as the six districts listed in the redevelopment plan.
The BLRA has already received proposals for development on two sections, which means the subdivision will later become critical for tax assessments and sale of lots.
The BLRA received 10 development proposals for the district known at the Bayonne Bay District.
Five of these will be presented to the public on Tuesday, Aug. 30 and the other five on Wednesday, Aug. 31 at the Bayonne City Council Chamber from 6 p.m. to 8:30 p.m. Each respondent will be given 20 minutes to identify their project team, explain their qualifications and experience with similar projects, and describe key project elements including proposed site concepts and phasing.
The presentations are open to the public and will be taped for re-broadcast on the local government access television channel.
Acres of prime property
Bayonne Bay is comprised of 32.7 acres of prime waterfront property that includes all developable land within the 65.1-acre district. The district is intended for residential use, and the BLRA estimates that 1,700 residential units could be constructed. The district is intended for low to mid-rise buildings that are organized around a sweeping waterfront park.In a related issue, the BLRA also voted for a professional service contract with Powell Capital Markets as a financial advisor to the numerous transitions that will transpire in the near future.
This move, said Joe Baumann, is designed to maintain or improve the BLRA's bond rating with the financial markets. He said the key to the hiring was a former employee of Moody's rating company who had previously been responsible for rating Bayonne for Moody's - and would provide invaluable insight into future transactions and their impact.
"I fully agree that we need an expert," said Commissioner Maria Karczewski, who is also a City Council member.
BLRA budget
The BLRA also voted to introduce its budget for the 2005-2006 fiscal year. The authority anticipates receiving $13,050,420 in revenues from rents, grants and other sources and expects expend $11,532,977 in capital improvements.
In another matter, the BLRA voted to send the details of a capital improvement bond to the state's Division of Local Government for review. The bond which will be anywhere from $12 million to $15 million will cover costs associated with improvements to the Cruise Port. While the BLRA is taking out the bond in order to take advantage of the tax-free low-interest status, the bond will be paid for by additional fees charged to passengers using the cruise ships, and Royal Caribbean will be responsible for the repayment, not the City of Bayonne or the BLRA.
Taking his seat at the BLRA meeting was Nicholas Mangelli, who was newly appointed to the body to replace former Commissioner Joseph Waks, who resigned in June.
Mangelli, a mayoral aide, also is a member of the city Planning Board and a founding member of the Concerned Citizens of Bayonne. He was a member on the Bayonne Finance Review Committee .
In a closed-door session held after the regular public meeting, BLRA members were expected to discuss the development of Texaco site and the redevelopment of the military ocean terminal.
Prior to their closing the door, resident Bob Lake asked the members to consider problems with contamination at the Texaco site.
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