Case Studies

City of Bayonne – Bayonne Crossing

Our firm worked with The Hudson County Improvement Authority, the County of Hudson, the City of Bayonne Redevelopment Agency and the City of Bayonne (the “City”) in a multi-public body financing through the New Jersey Environmental Infrastructure Trust (the “NJEIT”) of a portion of a redevelopment project consisting of the remediation of a former petroleum site and the construction of a 356,000 square foot “big box” retail project located in the City of Bayonne.

The financing, secured by Payments In Lieu Of Taxes, a Letter of Credit during construction and guaranties of the County and City, involved ten different public entities, required over 80 public votes, 23 different public/government approvals and permits and endured multiple lawsuits, all during an economic recession. The success of the financing depended on our firm working closely with each of the public entities, the redeveloper and the NJEIT in creating solutions to questions never asked of the NJEIT in prior financings. As a result, in part, of our prior experience with the NJEIT and our working relationship with members of the NJEIT and the New Jersey Department of Environmental Protection, a severely contaminated 30-acre parcel of land has been replaced with an exciting new retail power center that generates tax revenues, urban enterprise zone revenues and hundreds of full-time jobs.

For more information on this project, please contact Joseph P. Baumann, Jr., Member, at (973) 622-1800.

Essex County Improvement Authority – Heritage House Apartments

In December 2010, McManimon, Scotland & Baumann, LLC represented the Essex County Improvement Authority in connection with a financing to benefit the Heritage House Apartments project. The financing involved the Authority’s issuance of $11,300,000 variable rate tax-exempt bonds secured by a Freddie Mac Letter of Credit. The bond proceeds, along with equity from the project sponsor and tax credit equity investment from the syndication of approximately $4,500,000 in low-income housing tax credits, were used to finance the acquisition, rehabilitation and repair of a 205-unit senior citizen housing project known as the Heritage House Apartments located in the City of East Orange, New Jersey. The Heritage House Apartments provide affordable housing for elderly and disabled residents of Essex County whose income is at or below 60% of the Essex County median income.