|
|
Article: Bayonne, N.J., Council OKs Contentious $23M Plan for Peninsula Project.
- Article from:
- The Bond Buyer
- Article date:
- May 25, 2007
- Author:
CopyrightCOPYRIGHT 2007 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Bayonne, N.J. officials Wednesday night unanimously approved a contentious financing plan in which the city will sell $23 million of notes in exchange for an equal amount of cash from the Bayonne Local Redevelopment Authority, a swapping of funds which will help the city balance its fiscal 2007 budget.
The arrangement involves the development of a 430-acre mixed-use development called the Peninsula project at Bayonne Harbor, which the BLRA oversees. Note proceeds will finance infrastructure expansions at the site and in turn, the authority will hand over $23 million of future land sale payments from private companies to the city's operating budget. Along with the ...