Mayor Jimmy Davis announced that the City of Bayonne on Friday March 2, 2018 sold a parcel of land within the former Military Ocean Terminal (MOTBY) that will become the new home of a Costco warehouse store. The sale included an immediate payment of $2.1 million to the city and once open the store is expected to generate $435,000 in annual property tax revenue while also creating hundreds of middle class jobs. The sale agreement continues to prove the Davis administration’s commitment to utilizing the MOTBY property to stabilize property taxes, create jobs and deliver on the promises made to residents decades ago that it would ensure a brighter future for Bayonne. The Costco deal along with other residential, commercial and mixed-use developments throughout the city are expected to add $2.5 billion in new real estate value to Bayonne and will generate over $10 million in annual tax revenue.
“Having the chance to bring a company like Costco to Bayonne that pays its employees a living wage and provides great shopping choices and amenities is a home run for our city,” said Mayor Davis. “This property has not paid one dollar in taxes for over 18 years and within a year it will provide $435,000 in new annual property taxes. This is how we fix our city finances”
City officials expect that ground will be broken on the site within the next few weeks and that the store will open for business later this year. “It’s so exciting to see the progress our community is experiencing” noted Mayor Davis, “from the revitalization of Broadway to higher property values to the long-awaited development of the MOTBY site, and all of it means that Bayonne is on the path to financial stability and a bright future.”
Mayor Davis and his team have been in dialogue with Costco representatives and have secured an agreement to host a job fair for Bayonne residents with a goal of ensuring that the store employs local workers. Costco pays all of its employees well more than the minimum wage and is known for promoting from within and providing a living wage. In fact, a new study from the job website Indeed ranked Costco as the best large company in the country to work for in terms of salary and benefits.