BAYONNE — At its June 24 meeting, Bayonne Local Redevelopment Authority authorized its Executive Director Chris Patella to negotiate with the Port Authority of New York and New Jersey to sell three key parcels of the former Military Ocean Terminal (MOTBY) to the Port Authority.
“I am pleased to report that, after lengthy negotiations between the BLRA and the Port Authority, this is a done deal, which will bring long term tax stabilization and job creation to the City of Bayonne,” said Mayor Mark Smith. “The City of Bayonne and the BLRA announced the potential sale to the Port Authority of the Point, the Landing, and the Loft districts at the Peninsula at Bayonne Harbor.
BLRA Executive Director Chris Patella told the BLRA Board of Commissioners were that he hoped to come up with an agreement on all the material terms of sale, the closing of which will take place within 45 days.
The mayor lauded this historic agreement with the Port Authority as benefiting all the people of Bayonne and the region.
Smith thanked Gov. Chris Christie and the Port Authority’s Deputy Executive Director, Bill Baroni, the Commissioners of the BLRA and their executive staff for their support in moving the agreement forward.