BAYONNE — In a move that is expected to generate as much as $5 million for the city, the Bayonne Local Redevelopment Authority said at its July 19 meeting that it is about to close on a 13-acre property called The Standard Oil Tank Site at the foot of Ingham Avenue. The details of the sale are expected to be released after the closing, but local officials said on Friday that this was a significant accomplishment.
The site has long been vacant and a property that city wanted to sell for almost a decade. Contamination and legal issues have plagued the property during that time. Last year, a lawsuit by an adjacent property owner had attempted to force the city to sell a portion of the land to First Fidelity Realty. But the court ruled in favor of the city. The city transferred ownership of the land to the Bayonne Local Redevelopment Agency (BLRA) in 2008. The sale of the land is part of a number of moves by the city and the BLRA to put vacant land back on the tax rolls, and according to Mayor Mark Smith, the city is currently seeing new development in throughout the city in what he calls “an encouraging sign” for the local economy.