Legislature Should Give Red Card to Affordable Housing Law that Slams Red Bulls
Senator Steve Oroho, a member of the Senate Budget and Appropriations Committee, questioned provisions of the recently enacted legislation to revise the State’s affordable housing laws that may impose a 2.5% tax on the proposed Red Bull Park Soccer Stadium presently under construction in Harrison, Hudson County.
“At a time when the State of New Jersey needs to support economic development projects around the state, the response from Trenton has been to pass a law that hobbles new projects with an affordable housing tax, ” Oroho said. “Thanks to the COAH legislation, the State is adding $5 million to the price tag of a stadium that media reports indicate will cost over $200 million.”
“Whether it’s the New Jersey Motorsports Park in Millville or the building of this long-awaited soccer stadium, desperately needed regional economic development projects that create jobs need a helping hand from the Legislature, not a kick in the shins, ” Oroho continued.
“Piling new taxes on the Red Bull Park project only serves to undermine the $39.4 million in taxpayer-financed bonds that have already been invested to acquire the stadium site. These bonds are secured by future in-lieu-of-tax payments from the stadium and the larger Harrison Metrocentre public/private development project. Instead of talking about urban redevelopment and smart growth projects, maybe the politicians in Trenton should stop taxing them, ” Oroho stated.
“The COAH tax on Red Bull Park also highlights the absurdity of assigning higher affordable housing obligations to our urban areas, while at the same time eliminating the tool of regional contribution agreements. These agreements could have helped to finance housing construction in areas where roads and other infrastructure already exist, and thereby stave off the destruction of our rural open spaces.”
Link to Post:
http://www.senatenj.com/index.php/oroho/coah-law-gives-swift-kick-to-soccer-stadium-project/914
Similar Posts:
- COAH Law Discourages Economic Development
September 18, 2008 - Bateman: Why Just One COAH Task Force?
July 22, 2008 - Leading Economist Testifies COAH Tax Will Hamper NJ Job Growth
October 21, 2008 - Sen. Sean Kean Sponsors Legislation to Revise Affordable Housing Laws
October 27, 2008 - Bateman: COAH Law Puts State in Fast Lane to Economic Ruin
July 30, 2008
