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READ IT. UNDERSTAND IT

$40M in bonds OK'd for Harrison stadium

Thursday, September 15, 2005

By ROSE DUGER

JOURNAL CORRESPONDENT

HARRISON - Local and county officials have formally approved the issuance of $40 million in general obligation bonds, the first installment of a $170 million financing package to construct a Major League Soccer stadium and adjoining parking garage in the town's 275-acre redevelopment zone.

The bond, which was introduced by municipal officials last Tuesday and Hudson County freeholders last Thursday, represents Harrison's portion of the funding. The money generated from the sale will be used to purchase and remediate the property, a 14-acre tract that houses Spiegel Trucking.

"It's now a done deal," Joseph Lauro, spokesman for the Harrison Redevelopment Agency, said of the financing deal. "There are no other hurdles in front of it that involves government."

Plans for the 20,000- to 25,000-seat stadium for the MetroStars were announced in July at a splashy press conference following months of stalled negotiations as government officials hammered out the financing agreement.

Under the terms of the deal Anschutz Entertainment Group, parent company of the MetroStars, will put up $15 million and take out bonds on an additional $60 million through the Hudson County Improvement Authority. The partnership allows AEG to get the lowest possible interest rates without putting the county in financial jeopardy.

The deal also calls for the county, through the Hudson County Improvement Authority, to take out $40 million in tax-exempt bonds to pay for construction of a 1,500-space parking lot. The county will collect fees from commuter and on-site parking.

"They believe there is enough daily commuter traffic in Harrison that they can make money on this," Lauro said of the county's plan to collect parking revenues.

In other Harrison redevelopment news, municipal officials at last Tuesday's meeting introduced an ordinance accepting an application for a PILOT (payment in lieu of taxes) from River Park at Harrison LLC, which is constructing the first of several phases of upscale residential units on the former site of John F. Kennedy Stadium.

Lauro said officials have yet to negotiate the final terms of the agreement, but the ordinance specified that the deal will reap at least $2.1 million a year when between 313 and 331 units are completed in late 2006.

The project also calls for additional housing, as well as 100,000 square feet of retail and restaurant space situated along a riverfront promenade and two office buildings with a combined 1 million square feet of office space.

The ordinance stipulates that the agreement would be in effect for 20 years.

Last year, the property generated $64,683 in taxes, according to the draft ordinance. The project is a joint venture between Millennium Homes and the Roseland Property Company.

I THINK WE HAVE TO STOP IT

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Guest Outraged Town Resident
READ IT. UNDERSTAND IT

I THINK WE HAVE TO STOP IT

What the article doesn't tell you is the interest on a $ 40,000,000. loan. I would guess the interest will be approx. 4 % which will make it AN ANNUAL INTEREST PAYMENT OF $1,600,000. They talk about how they're getting 2.1 million in annual payments for the HS stadium, well now you know where it's going. Not to the taxpayers of Harrison, but to the banks !!!

This whole redevelopment is such a joke. The taxpayers are really going into the hole on this.

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What the article doesn't tell you is the interest on a  $ 40,000,000.  loan. I would guess the interest will be approx. 4 % which will make it AN ANNUAL INTEREST PAYMENT OF $1,600,000.  They talk about how they're getting 2.1 million in annual payments for the HS stadium, well now you know where it's going. Not to the taxpayers of Harrison, but to the banks !!!

  This whole redevelopment is such a joke. The taxpayers are really going into the hole on this.

Read on book on muni's and post again.

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What the article doesn't tell you is the interest on a $ 40,000,000. loan. I would guess the interest will be approx. 4 % which will make it AN ANNUAL INTEREST PAYMENT OF $1,600,000.

a 1,500 car parking garage, with 15 sold out days from soccer games can only produce the following results:

1,500 X 15$/car? = $22,500

22,500 X 15 games = $337,500

Hmmm Not enough.

1,600,000 intrest / $22,500 = 71.11111

Which mean that Harrison will have to sell out the parking garage 71.1111 time just to pay the interest??????

Mr mayor or Higins answer this!!!!

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a 1,500 car parking garage, with 15 sold out days from soccer games can only produce the following results:

1,500 X 15$/car? = $22,500

22,500 X 15 games = $337,500

Hmmm  Not enough.

1,600,000 intrest / $22,500 = 71.11111

Which mean that Harrison will have to sell out the parking garage 71.1111 time just to pay the interest??????

Mr mayor or Higins answer this!!!!

What makes you think someone will pay $15.00 for parking? The Newark Bears only get $4.00.

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Guest Outraged Town Resident
What makes you think someone will pay $15.00 for parking?  The Newark Bears only get $4.00.

You're forgetting one thing. The revenue from the parking deck is going to the COUNTY, not Harrison. The town is going to make any money on this !!!

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In other Harrison redevelopment news, municipal officials at last Tuesday's meeting introduced an ordinance accepting an application for a PILOT (payment in lieu of taxes) from River Park at Harrison LLC, which is constructing the first of several phases of upscale residential units on the former site of John F. Kennedy Stadium.

Lauro said officials have yet to negotiate the final terms of the agreement, but the ordinance specified that the deal will reap at least $2.1 million a year when between 313 and 331 units are completed in late 2006.

Are they nuts. This is insane.... This is a quick fix, it will collapse the town in the future.. Poor Planning and trying to reap quick dollars. This is really really really screwed up...

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Guest Town Resident
In other Harrison redevelopment news, municipal officials at last Tuesday's meeting introduced an ordinance accepting an application for a PILOT (payment in lieu of taxes) from River Park at Harrison LLC, which is constructing the first of several phases of upscale residential units on the former site of John F. Kennedy Stadium.

Lauro said officials have yet to negotiate the final terms of the agreement, but the ordinance specified that the deal will reap at least $2.1 million a year when between 313 and 331 units are completed in late 2006.

Are they nuts. This is insane.... This is a quick fix, it will collapse the town in the future.. Poor Planning and trying to reap quick dollars. This is really really really screwed up...

What do you expect from a really really really screwed up mayor and council .

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Guest The truth

Event Date: 4 October 2005 (Single Day Event)

Harrison Mayor & Council Meeting

Town Hall, Harrison Avenue

Time: 6:30 p.m.

ALL ARE WELCOME PLEASE ATTEND AND VOICE YOUR OPINION

YOU: :lol::ph34r: wwwaaaa waaaa wwwaaaaa

MAYOR & HIGINS: :lol::PB)

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