Bayonne, N.J., wants to transform a former naval base in New York Harbor into a large-scale mixed-use development with the help of tax increment financing, among other funding options.

The site is a 430-acre stretch of land called the Peninsula at Bayonne Harbor that officials anticipate could be a revenue booster for the city once the site is fully developed. To reach that goal, officials at the Bayonne Local Redevelopment Authority, which oversees the Peninsula, would like to leverage future property tax revenues in order to transform the site.

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