LAKEWOOD OFFICIALS USING TAXPAYER CREDIT CARD TO BORROW OVER $100 MILLION

In an unprecedented move, the Lakewood Township committee is looking to authorize borrowing $106 million, which committee members claim will be used to improve roadways, Township services and playgrounds. The issuance of bonds to make the capital investments will more than double the Township's current outstanding debt of $78 million.

Last year debt service, the amount paid by the Township on previous bonds issued, was $6.2 million or 5.5% of the Township's annual spending plan. This new debt is expected to raise Township debt service to 8% of spending by the year 2030.

The politically influential law firm of Dilworth Paxson will represent Lakewood Township as Bond Counsel and stands to reap tens of thousands of dollars in fees.

The largest ticket items to be paid for include:

>$29.8 million for sewer, drainage and roadway improvements, most notably toVermont Ave. between Oak and Essex and Vine Ave between Pine and Cedar Bridge.

>$22 million on road and sidewalk improvements including Pine St between Route 9 and New Hampshire Ave, the walking path around Lake Carasaljo and the area of the New Jersey Transit bus terminal.

>$15 million to complete Phase 2 of the Vine Ave extension from Pine St to Oak St

>$12.7 million to upgrade the Township's parks which includes $5 million for an inflatable sports dome at John Patrick Park. Township officials have said that while local sports clubs will be able to use the dome free of charge, there is a strong likelihood that the facility will also be rented out for private events.

>$7.2 million for upgrades and improvements to ShoreTown Ballpark, formerly known as BlueClaws Stadium.

>$6 million for traffic signal installation and improvements at Vermont Ave and Route 70, Park Ave and E. 7th St, Monmouth Ave and 4th Street and at John Patrick Park.

Back in February 2023 Township officials had discussed an $18 million capital improvement plan with the Asbury Park Press, the current plan will spend more than five and one half times that amount.

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