A resolution to adopt a $24 million host community agreement with Hackensack University Medical Center was passed by City officials Tuesday.
The deal will provide will provide $4 million in annual payments from the hospital to the city and covers the next six years, with a renegotiation and renewal option in 2024. The intention is to provide tax relief for residents.
"This agreement proves the hospital’s commitment to our city and its understanding of the needs of our taxpayers,” said Deputy Mayor Kathleen Canestrino, who was the lead negotiator for the City.
“This has been a lengthy process but it was marked from the start by professionalism on all sides and a shared desire to reach an agreement that is beneficial to all parties."
"As the largest employer in the county, the medical center is the city’s economic engine," added Robert C. Garrett, co-CEO of Hackensack Meridian Health.
"More importantly, we are here to serve the community, make sick people well, and effectively meet the growing needs of the patients and families in our care.
"Hackensack University Medical Center has been part of this community for more than a century, and we look forward to an enduring partnership for many more decades to come.”
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