'Plot twist: Bayonne proposes $65 million in bonds as

proposes $65 million in bonds as

The film studio

touted as one of the biggest ever commercial investments in Bayonne history may also

While the city

frequently offers developers incentives in the form of payment in lieu of taxes (PILOT)

In part, because

of just how unusual, and in the administration’s eyes, exciting, the project is

The $900

million project will transform a long vacant oil refinery into a studio expected to host up

Revenue from filmmaking

in New Jersey exceeded $500 million last year for the first time

The state

recently increased tax credits for digital media projects from a $10 million to $30 million limit

One of the

security measures is a $65 million letter of credit, a guarantee that if the developer

The second is

a deed in lieu of foreclosure, which would allow the city to take the

The law director

said there have been a “tremendous amount” of negotiations surrounding the project, with the

It will require

an application to the Local Finance Board and City Council approval

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