Fidelco Realty, in partnership with Roseland Properties, has filed suit against the Bayonne Local Redevelopment Authority, seeking to extend the cutoff deadline for their development agreement for a portion of the Military Ocean Terminal.
Under the terms of the original agreement, Fidelco had until October to begin construction. The lawsuit claims that their agreement falls under a recently issued executive order by Gov. Jon Corzine that extends public development deadlines until Dec. 31, 2010.
The BLRA, however, is arguing that the agreement forged with Fidelco does not fall under the governor’s order, and will expire in October. Fidelco is seeking to switch from building for sale townhouses to the construction of rental units, which the BLRA said would violate the terms of the agreement. In a second part of the suit filed in early August, Fidelco contends the BLRA does not have the right to say which kind of housing Fidelco can build. The case will go to Superior Court in mid-September.