Sayreville redevelopment agency authorizes application for Riverton non‑recourse bonds to fund public improvements

The Sayreville Redevelopment Agency unanimously voted to authorize submission of an application to the New Jersey Local Finance Board to enable issuance of non‑recourse redevelopment area bonds for the Riverton project, agency bond counsel Matt Jessup said.

Jessup of McManaman Scotland & Baumann told commissioners the bonds would be “non recourse,” meaning they are not “a debt or an obligation in any way of the borough of Sayreville,” and that repayment would be secured only by a defined set of special assessment revenues collected from the project. He said each series of bonds will fund specific public improvements — roadway and parkway work, stormwater, waterfront promenade and performing arts space among them — and that developers’ special assessment payments would be used to pay debt service.

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