As they do periodically, Lakewood's Township Committee is planning on bonding (i.e. taking out loans) to help fund some pretty major infrastructure improvements, including road paving and a new indoor sports complex.
The Committee voted today to introduce an Ordinance approving a total bond amount of $19,020,000. After immediately repaying a 5% down payment of $951,000 as required, the remaining bond amount will be $18,069,000.
The bond will be used for the following major projects:
1) Lakewood Dome Project - The project is to place a sports bubble on part of Patrick Park. This will provide much needed year round recreation space for our children and adults. It will also allow a large meeting space should it be needed as well as availability for summer camps.
The project consists of the acquisition, construction and installation of an artificial in-filled air structure for use as an outdoor sports field, including, but not limited to, related components consisting of doors, lighting, mechanical equipment, hardware, field markings, nets and temperature sensors.
The total estimated cost is $4,856,000, of which $4,613,200 will be funded by the bond. This project has an average period of usefulness of fifteen years.
2) Road and sidewalk improvements at various locations in the Township, including, but not limited to, Lanes Mill and Ridge Avenue.
The total estimated cost is $4,196,000, of which $3,986,200 will be funded by the bond. This project has an average period of usefulness of ten years.
3) Improvements to various roadways in the Township, including, but not limited to, Frances Street, Arboretum Parkway, Drake Road (Read more about that road widening project here), Ridgeway Place, August Drive and Brookfield Drive.
The total estimated cost is $5,384,000, of which $5,114,800 will be funded by the bond. This project has an average period of usefulness of twenty years.
4) Traffic signal improvements at various locations in the Township, including but not limited to, Park Avenue and East 7th Street, Vermont Avenue and Route 70 and 4th Street and Monmouth Avenue.
The total estimated cost is $4,355,000, of which $4,137,250 will be funded by the bond. This project has an average period of usefulness of twenty-five years.
5) Various Township-wide sewer and drainage improvements, including but not limited to, Forest Drive and Gladiola Court dam groundwater seepage issues.
The total estimated cost is $229,000, of which $217,550 will be funded by the bond. This project has an average period of usefulness of thirty years.
The bond ordinance does not detail how much interest will be paid by the Township as that will be determined at the time the Township sells a bond as dictated by financial market conditions.
The average period of usefulness of the capital projects is 17.7826 years. As State law requires a municipality to borrow for no longer than the useful life of the capital items being financed, when the Township sells a bond to finance these projects, the bond will mature within 17 years or less.
The Committee will hold a second reading on the bond ordinance on March 16. The ordinance shall take effect twenty days after the first publication after final adoption, as provided by the Local Bond Law.
The Township will then be able to get to work on engineering design for these major projects.
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