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Morristown Parking Authority outlines financing and timeline to buy two downtown parcels; council hears questions on neighborhood impacts
Summary
The Morristown Parking Authority presented a plan to finance acquisition of properties at 38 Dumont Street and 28 Pine Street, described the authority's fiscal history and oversight, and said a closing is expected in September after extended due diligence; council members raised traffic and neighborhood-impact concerns.
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…
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