City and Honeywell Enter Land Deal

The city transfer 35 acres to Honeywell in a deal with the company to clean up 100 acres of chromium tainted property and eventually resell the parcels for redevelopment on the West Side reports the Journal. Jersey City and Honeywell will share in the profits from the sale of the land, with Honeywell paying the city an advance against future profits. THat $15 million dollars has already been spent by the Healy administration plugging holes in this years budget. Healy faces a crowded field in next year's mayoral election.