The Morristown Parking Authority (MPA) presented to the Town Council on July 8, 2025 about its plan to issue debt to acquire properties at 38 Dumont Street and 28 Pine Street and to accommodate future parking expansion.

“On June 24, the council passed the guarantee ordinance 22‑2025 which enables the MPA to issue debt to acquire the properties,” said Nicole Fox, executive director of the Morristown Parking Authority. Fox told the council the MPA’s system covers about 3,700 parking spaces and that the authority maintains oversight and reporting obligations under state statutes and the Department of Community Affairs.

Fox reviewed the authority’s finances dating to 2018, saying revenue fell during the COVID years and rebounded in 2022 and 2023. She said the MPA’s debt‑service coverage ratio remained above the required minimum and that the authority has never defaulted on a debt payment. “During this difficult time, our coverage ratios never fell below a 1.1,” Fox said.

The MPA said it submitted its request for town guarantee in late April, received positive findings from the Local Finance Board on June 11, and the town adopted the guarantee ordinance on June 24. Due diligence originally scheduled to end July 7 was extended by the seller to July 16 to allow additional environmental studies. The authority said it expects the MPA to adopt a note resolution August 20 and to close in September.

Financial consultants for the authority presented a five‑year pro forma showing projected revenues, operating expenses and debt service; the MPA said the pro forma maintains coverage ratios above the minimum required by the bond resolution. Counsel, consultants and a financial advisor were present to answer technical questions about capital work and the financing structure.

Council members asked about the scope of the bond proceeds and the potential impact of future garage plans on nearby residential streets. One council member confirmed the bond would be used solely for acquisition and not for garage renovations; Fox said capital repairs to existing garages are funded from separate capital reserves. Councilman Silva cautioned that traffic impacts on nearby King Street and Pine Street neighborhoods must be evaluated during planning. “The concern is gonna be...what is the traffic impact on those neighborhoods,” Silva said, and reminded the authority that detailed plans would go through the planning review process.

Public comment at the meeting included prior remarks defending the parking authority’s enforcement procedures and requests for a council point of contact on ADA access at the train station. The MPA said the acquisition is intended to preserve an option for future parking expansion while the authority and town develop detailed plans and perform environmental work.

No vote on acquisition financing occurred at the meeting; the presentation served as council briefing and opportunity for public questions. The MPA said it will return with final financing documents if due diligence and Local Finance Board approvals proceed as expected.