When Mayor Steve Fulop first announced the Centre Pompidou x Jersey City, it was pitched as a mission to “return Journal Square to being the heartbeat of New Jersey with arts and culture.”
In construction alone, the satellite location for the museum is expected to have a $291 million economic impact on the state, according to a 24-page report on the “economic and fiscal findings. The report — conducted by HR&A Advisors, a consulting firm hired by the Jersey City Redevelopment Agency — expects $39 million to $55.5 million in annual economic output, based on projected spending by visitors and ongoing operations of the facility.
Meanwhile, residents within walking distance of the museum, or one-quarter of a mile, could expect as much as a 15% increase in property values — a double-edged sword that could result in higher returns if they sell their property, but which could also result in higher taxes. But Fulop claimed the state’s sudden pessimism was political retaliation for the mayor’ decision to support Rep. Andy Kim rather than Gov. Phil Murphy’s wife, Tammy, for the Democratic U.S. Senate nomination.
Kevin Bing, a former Ward C council candidate who lives in Journal Square, feels his property value will increase with or without the Pompidou. Yet he feels the city will experience benefits that can’t be realized in a study focused solely on dollars and cents.
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Source: njdotcom - 🏆 282. / 63 Read more »