Show your support for a historic deal in Hoboken
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Mayor Ravi Bhalla and city officials have negotiated a multi-million dollar development deal that will build the city's second waterfront hotel. As the deal currently stands, the hotel developer, KMS Development Partners, will be providing more than $4.8 million in community givebacks.
As part of the agreement, the Hoboken Public Education Foundation will receive a one-million dollar endowment donation from KMS Development Partners – the first ever community giveback that will directly benefit Hoboken Public Schools. This a true testament to KMS’s belief that communities are strengthened when public schools are thriving.
For those hearing about this announcement for the first time, the total announced $4.8 million in community givebacks include:
- $1.165 million dollars will go directly pay for infrastructure upgrades on waterfront property and the streets surrounding the hotel project. The upgrade will include replacing and repairing water mains, as well as paving and beautifying the area.
- A permanent endowment for the Hoboken Public Education Foundation (HPEF) will be created with another $1 million.
- Two million dollars will fund a partnership between the Hoboken Board of Education, the city's public library, and the nonprofit HCC. This partnership will allow the HCC to build a new community pool.
- A total of $484,000 will be set aside for the city's three charter schools: Elysian Charter School, Hoboken Charter School and the Hola Hoboken Dual Language Charter School.
- $200,000 will be allocated for the city's affordable housing trust fund.
Please show your support for this opportunity by:
1) SIGNING THIS PETITION - the more names we collect, the more we can demonstrate the collective support of Hoboken! (NOTE: please disregard any requests to donate by change.org)
2) JOIN US IN PERSON at the City Council Meeting next Wednesday, October 17, 7:00 pm (City Hall, 94 Washington Street) to show your support for this opportunity, and to encourage a vote to approve the deal.
Special thanks to KMS Development Partners:
KMS Development Partners’ $1 million commitment to the Hoboken Public Education Foundation - to create a permanent endowment to provide financial sustainability for our non-profit organization – reflects the developer’s long-standing personal interest in and support for traditional open-enrollment public schools. We are truly grateful to KMS Development Partners for their ongoing support of our foundation. We are honored to be on the receiving end of this generous commitment, and know that these funds will help us continue our mission of elevating and enhancing the Hoboken Public Schools.
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