Latest story:
Research park touted as magnet for tax revenue, jobs
A proposed bio-life science technology park could bring in $1.4 million in annual tax revenue to the city and more than 2,800 jobs over a 20-year period, a recent study found.
The study found that Hackensack is an ideal location for the mixed-use research park because of its transportation and housing options and its proximity to major highways. Hackensack University Medical Center is also a draw, the study found._______________________________
Gold in HackensackA $120,000 study by the Bergen County Economic Development Corp. to bring a bio-life science technology park to the county found that Hackensack is an ideal location. A 22-acre area off Essex Street has been proposed as a prime location for the project because of its proximity to transportation, diverse housing options and Hackensack University Medical Center. The project would include research, office, retail and residential space. Among the findings:
• Construction employment would generate 656 jobs and $34 million in payroll over the first eight years, yielding $2 million in income taxes to the state.
• After 10 years, Hackensack municipal tax revenue would grow $500,000 per year. It would reach $1.4 million per year after 20 years.
• Bergen County's tax revenue would grow $100,000 per year after 10 years and up to $270,000 per year after 20 years.
Source: Bergen County Economic Development Corp.