JURY REDUCES SOUTHWEST PARK ACQUISITION PRICE BY $1 MILLION
The price for the acquisition of the nearly one-acre property for the first phase of the Southwest Park has been set by a unanimous jury decision at $4.483 million. Three million dollars of the cost have been paid for using a grant from the Hudson County Open Space Trust Fund, and the $1.83 million balance will be funded through the City's Open Space Trust Fund. The property owner was seeking $8.4 million, and a condemnation board had previously established a price of $5.4 million, a decision which the City appealed. The $4.483 million price represents a nearly $1 million reduction from the condemnation board decision.
"This result is a huge victory for Hoboken and its taxpayers,” said Mayor Dawn Zimmer. “By using the eminent domain process, the City has been able to acquire the land needed to begin building the Southwest Park in the most cost-effective way, saving taxpayers millions of dollars. As a resident of the southwest I look forward to cutting the ribbon on this new park as soon as possible. I want to thank the City's attorney, Ed Buzak, for his exceptional work in achieving this great result."
The final park plan can be viewed at www.hobokennj.org/swpark. The City expects to bid out the construction for the project in early 2016 after the State issues final permit approvals.