STATEMENT FROM MAYOR BHALLA ON MONARCH SETTLEMENT, UNION DRY DOCK

Last night, the Hoboken City Council voted 7-0 to approve of the settlement put forward by Mayor Ravi Bhalla to temporarily prevent two 11 story buildings from being developed on Hoboken’s uptown waterfront. The Council also voted 8-0 on first reading to authorize Mayor Bhalla to utilize eminent domain as a tool to acquire the Union Dry Dock site for the purpose of a public park.

“Hoboken is one critical step closer to preserving the Monarch site and Union Dry Dock for public parkland,” said Mayor Bhalla. “The overwhelming support from the public with over 8,000 combined petition signatures and unanimous approvals from the Council is clear indication that Hoboken is fully committed to a contiguous waterfront our children can enjoy for generations to come. I thank all of the members of the public for voicing their support at the Council meeting last night and appreciate the Council’s authorization on both waterfront initiatives. I am hopeful for a 9-0 vote on authorization for eminent domain on final reading, and am also confident Governor Murphy will support our position on Union Dry Dock.”

With the Monarch settlement approved the administration will now have the opportunity to negotiate the terms of a Redevelopment Agreement over the next several months with Applied, the owner of the Monarch property, to redevelop the Municipal Garage Site on Observer Highway. In exchange, Applied would transfer ownership of the Monarch property to the City, upon execution of the Redevelopment Agreement.

The second reading to authorize the use of eminent domain for Union Dry Dock will take place at the regularly scheduled meeting on Wednesday, September 4.

More information on the Monarch settlement and Union Dry Dock can be located here.