The City of Hoboken may use the power of eminent domain to combat two major issues in the city - parking and flood prevention.

Hoboken officials wish to purchase a six-acre plot of land on the city's northwest side to create a new park, a flood retention area and possibly a new parking garage.

Mayor Dawn Zimmer says that she hopes the City Council will sign off on using eminent domain, plus a multimillion-dollar bond to secure the land, which is owned by the chemical firm BASF.

"I'm prepared to use all the tools that are available to me as long as the council authorizes that," says Zimmer. "I think at the end of the day this is extremely important for the future of our city that we protect our city from flooding, that we provide the parking that is needed and that we proved the open space."

The flood retention area would be able to hold up to 1 million gallons of water.

The city council discussed the issue Wednesday for a first reading. The second reading of the proposal is slated to take place on Sept. 30.