By W. Homer Axford
No, this isn’t a gag headline. The City took one step closer to bonding $900,000 dollars to buy a vacant lot at 426-428 Broadway. No, seriously, this isn’t a joke. This upcoming Council Meeting (Wednesday) the City Council will vote to bond more debt in order to get the money — that is, unless you show up and stop them.
Looks like once again, just like under a different mayor, Davis has moved to the tactic of bonding more debt to fund his astronomical spending and unprecedented hiring. The last time this happened, in the 1990s, the city bonded nearly $74 million dollars in debt to develop the MOT. We see how that turned out. The development was a failure and taxpayers were left with the tab and the debt service payments of almost a million dollars a year. Massive tax increases come with bonding debt when you have no form of income to pay it back. Unless Davis and company are expecting a meteor filled with diamonds and gold to crash into Bayonne, it is doubtful they, or any other administration in this century, will be able to repay this bond along with the $27 million in other debts the City has accrued through the years. If you remember the last time we bonded that much money and didn’t pay it back in one shot, it led to massive tax increases and a mass exodus of homegrown Bayonne people. They all left to go to other towns with lower taxes. This move by Mayor Davis and company will send the rest following them.
Why 426-428 Broadway?
The median price of vacant land in Bayonne on or off Broadway is $200,000 dollars. So the obvious question is why would the City pay almost 5 times the median value of land for a small lot on 19th and Broadway? That we can’t answer. The current owner is a company called Two Palisades Associates. The company is based in Staten Island — go figure. The real question is: who is getting rich off this deal and what is their relationship to Mayor Davis, the City Council, and Joe DeMarco? Either way, this is probably the shadiest thing we’ve ever seen the City attempt — all Mayors included. Bayonne is a distressed city, in some of the worst fiscal shape of any City in the state. We were a hair away from a state takeover a few years ago. The same guys who got us into that mess are getting us into this one. Some of the names are the same, like Nick Chiaravalloti, and some are different, like Jimmy Davis and Sharon Nadrowski. This spending and bond is totally unbelievable. The fact that it even showed up on the agenda is cause for a criminal investigation on the whole Council, the Mayor’s office, the soon-to-be Assemblyman, and anyone else who is involved.
Other School Board Candidates
As we promised last week, here a few other school board candidates who don’t have the luxury of an endorsement from the political bosses who run our town. (But it’s not about politics, right….) John Cupo and Mary Jane Desmond — here is what they have to say:
Just one: consider selling your house while you can, we are. Taxes are going up, big time. Someone has to pay back that $900,000 dollar loan. It ain’t gonna be the City, they have negative $27 million on hand. You do the math.