JERSEY CITY, N.J. (CN) - Jersey City wants $1.1 million from toothpaste giant Colgate-Palmolive Co. for the company's old clock. The toothpaste maker allegedly promised $1 million, plus $20,000 a year, if the city would maintain and operate the historic clock. But the city hasn't seen a dime.
The city says Colgate moved the clock from its own land to city land in 1997, and 8 years later promised to pay the city $1 million, plus $20,000 a year, if the city would maintain and operate "the Colgate clock" forever.
The city wants the $1 million, plus the $20,000 a year since 2005.
The 50-foot diameter octagonal clock, on the Hudson River, is a Jersey City landmark. The city is represented in Hudson County Court by William Matskoudis and Judith O'Donnell.
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