Council Peter Cunningham today highlighted the Hoboken City Council vote this week to approve a $16.7 million bond issue with most of the funds dedicated to the acquisition of the BASF site in Northwest Hoboken for purposes of constructing a 6 acre park. It will also fund the design and engineering costs. Cunningham is one of the leaders in the effort to secure this new park
Open Space Funds and a low interest loan from the New Jersey Environmental Trust will serve as cost-effective funding streams for paying back the bond
Peter Cunningham said, “The establishment of a large new park will enrich our quality of life by providing more opportunities for active recreation and open space as well as serve as a bulwark against flooding. I am pleased that the Council moved forward with putting the financing in place.”
An underground storm water retention chamber will be installed in the park as part of the City’s comprehensive effort to tackle the flooding problem. A parking garage will be built adjacent to the park.
This past Spring, Peter Cunningham sponsored and led the successful fight to proceed with an application for a low interest loan from the New Jersey Environmental Trust which is serving as a major funding source for the new park.
Cunningham represents the 5th Ward.