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Mayor | Jersey City, NJ 07302 201-547-5200 |
March 16, 2001 |
201-547-4296 |
Jersey City
Mayor Bret Schundler, responding to a story in today's Newark Star-Ledger, issued the following statement:
"If you expect me to apologize for cutting taxes to help create 70,000 new jobs in Jersey City this decade, you don't know me very well. One reason I'm running for Governor is to reverse suburban sprawl and instead redevelop Camden, Newark, Asbury Park, and every other distressed city in New Jersey.
"Tax abatements equal tax cuts which equal economic growth. It's as simple as that. If the worst thing somebody can say about me is that I cut taxes and, as a result, created tens of thousands of new jobs in Jersey City, I could die a happy man.
"The result of our aggressive tax-cutting strategy was the turnaround you see today. My administration has created TEN TIMES more jobs in Jersey City than New Jersey's other five largest cities COMBINED. We cut Jersey City's unemployment rate by 48 percent and that increased our citizens' median income dramatically. That's a tradeoff I'll take any day of the week!
"In the years before I was elected mayor, Jersey City lost more jobs than any other city including Newark. Our rapid pace of economic development has also helped stabilize property taxes. In the 1980's, Jersey City's property tax levy increased 184 percent, and it would have increased $40 million more except former Governor Jim Florio allowed Jersey City to borrow to subsidize its operations in 1990. In the 1990's as a result of all the new property tax revenue brought in by my redevelopment policies, I offset an increase in the consumer price index, a 30 percent reduction in state aid, and closed that $40 million deficit with only a two percent increase in the city's property tax levy.
"Moreover, Jersey City's job growth dynamo isn't just good for the city, it's good for the state, too - because the revitalization of our inner-city urban areas is the only way we're truly going to be able to reverse urban sprawl and the traffic congestion and loss of open space that goes with it.
"During my tenure, the Jersey City City Council has approved a total of 64 tax abatements. Of those, 19 were for affordable housing, 23 were for market-rate housing, 15 were for commercial office buildings, five were for hotel developments, and two were for industrial complexes.
"The parameters for abatements are set by state law, and the abatements are based on a formula that accounts for either revenue generated or projected costs of construction. The State Economic Growth Commission encouraged us to give these tax abatements to spur development, and the State Plan also encourages the use of abatements as a means to attract business and development to economically distressed areas. In 1994, Don DiFrancesco and Jim McGreevey even co-sponsored legislation allowing municipalities to use abatements to attract new business and development to distressed areas. Why? Because it makes economic sense, plain and simple.
"The Star Ledger pointed out today that some developers who received abatements also gave contributions to my campaign. Given the fact that my pro-business, pro-taxpayer, administration has turned Jersey City around and caused it to experience the third fastest appreciating home values in the United States, is this surprising? I'm the best friend of every property owner in Jersey City.
"Also given the fact that we have granted almost one major development abatement per month in recent years, and the fact that I have had fundraisers twice a year, it would have been mathematically impossible not to have fundraising events at the same time as abatements were being voted on by the City Council.
"Ultimately development leads to greater opportunities and a better standard of living for all and my policies have created a remarkable amount of redevelopment in Jersey City.
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