City of Perth Amboy – Construction of Municipal Facilities
In 2003, the City of Perth Amboy financed the construction of its Public Safety/Court/Recreational and Community Center and its Fire/Emergency Medical Services Facility through the Middlesex County Improvement Authority’s issuance of $43,100,000 Lease Revenue Bonds, Series 2003. McManimon, Scotland & Baumann represented the City in crafting a financing structure that included the acquisition of necessary land by the City, ground lease of the land by the City to the Middlesex County Improvement Authority, sub-lease of the land by the Middlesex County Improvement Authority to the City and a converting lease-to-fee ownership by the City of property originally owned by Conrail. The City pays debt service on the bonds through lease payments it makes to the Middlesex County Improvement Authority pursuant to the sub-lease.
For more information on this project, please contact Edward J. McManimon, III, Member, at (973) 622-1800.