As the news was broken here on FAA News, back in March 2023, Lakewood Township's Planning Board approved Beth Medrash Govoha's planned expansion of a total of 600 residential apartments, playgrounds, and a child care center and banquet halls on land they have acquired from Georgian Court University.
BMG has now applied for a $39 million tax exempt revenue bond to finance the construction of this expansion project.
The financing is being sought from the Public Finance Authority, a Wisconsin governmental entity which was created by local governments, for local governments, for the purpose of issuing tax-exempt and taxable conduit bonds for public and private entities nationwide.
The proceeds from the sale of the Bonds will be loaned to BMG, and used to (1) finance all or any portion of the costs the acquisition, construction, furnishing and equipping of the student housing buildings; (2) pay for capitalized interest; and (3) pay costs of issuance incurred in connection with the issuance of the Bonds and other eligible expenditures.
The Bonds will be special limited obligations of the Authority payable solely from the funds paid by the Borrower to the Authority and are secured by collateral furnished or caused to be furnished by the Borrower.
In compliance with Internal Revenue Service Revenue Procedure 2022-20, which requires approval of the governmental unit having jurisdiction over the area in which any facility to be financed by the issue is located before issuance of any tax-exempt qualified private activity bonds, the Township of Lakewood will hold a telephonic public hearing next Monday, September 23, 2024, at 10:00 a.m., for the purpose of providing a reasonable opportunity for interested persons to express their views either orally or in writing, on the proposed issuance of the bond and the location and nature of the proposed project to be financed.
Interested persons may participate in the telephonic public hearing by calling the following telephonic conference line, 888-788-0099 (a toll-free telephone number) and entering the Meeting ID: 891 2926 5302. Interested persons may also submit written comments regarding the proposed issuance of the Bond. Such written comments must be received by 12 p.m., local time, on September 22, 2024. Written comments must be emailed to: jtwiddy@mcguirewoods.com.
When the Ocean County Planning Board granted approval to Beth Medrash Govoha of America's campus expansion on Georgian Court University, they included stipulations that BMG pay $107,917 off-tract traffic improvement fee and conduct traffic studies to determine if additional traffic signals should be installed in the area.
As previously reported here on FAA News, at BMG's request, county officials agreed to retract this stipulation.
The reason: BMG solemnly assured the County that their new campus will not have any major impact on traffic!
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2 comments:
BMG did commit to the neighbors that there will be installed a traffic light at the corner of Forest Avenue and Carey Street.
That's at least 1200 more block votes for the community.
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