The Beacon

The Beacon (the Medical Center Abatement)

When the Medical Center left Baldwin Avenue in Jersey City and headed Downtown Jersey City, they left landmark buildings built during Mayor Hague term. Three developers fought for the right to develop these properties. For some reason, Jersey City chose the lowest bid, not the highest. George Filopoulous, the owner of Metrovest became the developer of these properties. Orginally, Filopoulous promised these buildings would be developed without an abatement.

George Filopoulous gave $6,600 according the the 1995 elec report filed by Mayor Healy. Patricia Filopoulous gave $2,200, and Metrovest Mgmt. gave $2,200. The public is stuck paying $116 million in bonds that the former County Exec floated for the Medical Center. As I mentioned before, Abated properties do not pay County taxes. George Filopoulous also received a break on the water bills attached to the properties.

These six building of which 2/3 are assessed are more than $34 million. The abatement is for 30 years. Recently, the Beacon advertised in the New York newspapers. Jersey City residents is subsidizing the taxes of New York residents!

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