There’s a lot happening in Hoboken this week. In the past few days alone, the City has lowered the local speed limit to 20 mph, down from 25 mph; it was announced that the Hoboken Terminal area is getting a full revitalization; and the City declared that there will be an overall flat tax rate for Hoboken taxpayers this year. Read on to learn about the latest happenings and updates occurring in Hoboken this week.
Hoboken Citywide Speed Limit Lowered to 20 MPH
Hoboken has officially announced that it has lowered the citywide speed limit from 25 mph to 20 mph in an effort to make the city safer. This reduction was passed by the Hoboken City Council + just signed into law by Mayor Bhalla. This change is part of Hoboken’s Vision Zero initiative, which is dedicated to eliminating all traffic-related injuries and deaths by the year 2030. According to the Vision Zero page, data supports that driving over 20 mph increases the likelihood of serious injury for pedestrians. The new speed limit will be fully implemented once current signage + paving markings are updated.
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Hoboken Terminal is Officially Getting Revitalized
This week, the City of Hoboken approved a redevelopment agreement for a host of updates and improvements to Hoboken Terminal. Mayor Bhalla just signed the agreement, which had been unanimously passed by the City Council. The City, in partnership with LCOR Hoboken Rail Station Redevelopment LLC, is calling the project ‘Hoboken Connect’ and aims to implement office space, retail shops, and affordable housing, among other advancements. It will also aim to revamp and improve the surrounding area. Though this project had been in the works for 15 years, it came to fruition with help from NJ TRANSIT, LCOR, Hoboken, and the State, according to a Nixle update.
This project will take place over the next few years and contains both public and private components. The public components are being funded by a state grant in the amount of $176 million, granted to Hoboken by Governor Murphy. This budget will be used to construct a new bus terminal on Hudson Place, revamp the Ferry Terminal, redevelop Warrington Plaza, and improve Hudson Place to better support transportation access to bicyclists and pedestrians. The private phase encompasses the aforementioned office space, retail space, and residential space — including affordable housing.
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Local Property Owners Will Have A Flat Tax Rate This Year, City Announces
Among other announcements, Mayor Bhalla and the City of Hoboken stated on July 7th that property owners will have an overall flat tax rate this year. This news comes on the heels of the adoption of the Hoboken municipal budget on July 6th.
“Despite several challenges in crafting this year’s municipal budget with rising inflation and interest rates, as well as higher fixed costs as compared to previous years, the municipal tax rate will increase by only 2.5 percent this year,” the City stated via a Nixle update. Reductions in the county tax levy will help offset the municipal tax rate increase of 2.5 percent, resulting in property owners paying virtually no increase in overall taxes. The City cited this as an effort to help provide relief for taxpayers during an economically challenging year.
