Dear Editor:
I am writing to urge Hoboken residents to attend the City Council’s October 1 meeting, when a vote on a proposed restructuring of Hoboken’s bond obligations is scheduled, and to listen carefully and express your views. On its face, it doesn’t seem to make sense for Hoboken to postpone $2 million a year’s worth of tough choices by taking on additional future liabilities (and therefore even tougher choices) of some $20 million. The City says these liabilities will be paid for by future revenue from development. However, whether you are managing your own personal budget or a city’s, it is generally a bad idea to assume that extra money will come in the door to pay definite debts that you have taken on. And if the City needs that revenue badly enough when increased payments on restructured bonds become due, its willingness to make the best possible decisions related to development is likely to be compromised.
I hope I speak for Hoboken residents who plan to be here for years to come in saying that if the City’s development revenue projections don’t come to pass, I am not interested in paying higher taxes for unneeded extra bond obligations unless there is a really good reason. I look forward to hearing what that reason is.
Conrad G. Bahlke