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.
In 2001, the Township of Little Falls embarked on replacing its 80-year-old municipal building with a brand new, state-of-the-art municipal facility located on Main Street in the Township. McManimon, Scotland & Baumann, LLC worked with the Township from 2001 through the groundbreaking in 2004, on financing all aspects of this project, from site work to construction to acquisition of furnishings. Our firm worked with the Township and its professionals to draft multiple bond ordinances and issue several series of bond anticipation notes to “ladder” the construction fund in an effort to minimize the interest expense on the Township’s budgets.
We acted as bond counsel when the Township issued its General Improvement Bonds in 2001 and 2003 to permanently finance the project and lock in long-term tax exempt interest rates. The General Improvement Bonds are secured by the ad valorem taxing power of the Township. The Township expanded the facility, with the addition of a Justice Center Complex, funded with government-subsidized “Build America Bonds” authorized by the American Recovery and Reinvestment Act of 2009.
For more information on this project, please contact Matthew D. Jessup, Member, at (973) 622-1800.
City of Perth Amboy – Water and Wastewater Facilities
The City of Perth Amboy entered into a 20-year public-private partnership with Middlesex Water Company in 1999 for the efficient operation and maintenance of the City’s water and wastewater treatment and distribution facilities. Pursuant to the New Jersey water and wastewater privatization acts, the City leased the systems and sold a franchise in the systems to the Middlesex County Improvement Authority. The Middlesex County Improvement Authority issued $67,974,076.20 Utility System Revenue Bonds, Series 1999, a portion of which were capital appreciation bonds, to finance the leasehold/franchise acquisition, provide for capital improvements to the systems and refund outstanding City-system debt. The City and the Middlesex County Improvement Authority then entered into various operating and revenue agreements with Middlesex Water Company to run the systems. In 2004, the City, the Middlesex County Improvement Authority and Middlesex Water Company agreed to extend the public-private partnership for an additional 5 years through the issuance by the Middlesex County Improvement Authority of additional utility system revenue bonds that were subordinate to the original 1999 bonds issued. For more information on this project, please contact Edward J. McManimon, III, Member.
Bayonne Local Redevelopment Authority – Peninsula at Bayonne Harbor Redevelopment
The firm has been actively engaged with the City of Bayonne and the BLRA in the redevelopment of the Peninsula at Bayonne Harbor which was decommissioned by the United States Army and transferred to the BLRA. We represented the BLRA in the negotiation and execution of several conditional designation agreements, four redevelopment agreements, a project development agreement and an infrastructure improvements redevelopment agreement along with a wide variety of financial instruments and other supporting agreements. For more information on these projects, please contact Joseph P. Baumann, Jr., Member.
Bayonne Local Redevelopment Authority – Harbor Station Neighborhood
We represented the BLRA in connection with the proposed construction of a 102-acre parcel that will support at least 1,793 residential units, 500,000 square feet of office space, 134,000 square feet of retail space and 117,600 square feet of civic space. For more information on this project, please contact Joseph P. Baumann, Jr., Member.
Bayonne Local Redevelopment Authority – Bayonne Bay Neighborhood
We represented the BLRA in the simultaneous negotiation of two redevelopment agreements and associated notes, mortgages, access agreements, and an infrastructure improvement redevelopment agreement. One redeveloper will construct approximately 1,300 condominiums and town homes and the other redeveloper will construct approximately 540 rental units and a clubhouse. For more information on this project, please contact Joseph P. Baumann, Jr., Member.
Bayonne Local Redevelopment Authority – Maritime Industrial Neighborhood
We represented the BLRA in the negotiation of a redevelopment agreement with a global shipping company for construction of a roll-on roll-off facility for the importation and exportation of vehicles. We represented the BLRA in its efforts to win a motion for summary judgment in the law division and, after an appeal was filed, the successful motion requesting that the Appellate Division expedite the matter. Currently we are awaiting oral argument. For more information on this project, please contact Joseph P. Baumann, Jr., Member.
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.