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Sayreville agency approves $4M first‑series non‑recourse bond for Riverton waterfront; larger program planned
Summary
The Sayreville Economic and Redevelopment Agency approved a $4 million first series of non‑recourse redevelopment area bonds for Riverton waterfront infrastructure and discussed a financing program that could include additional series totaling up to $200 million as the site is built out.
The Sayreville Economic and Redevelopment Agency on March 12 approved a resolution authorizing a first series of redevelopment area bonds for Riverton waterfront infrastructure in a principal amount not to exceed $4,000,000.
The bonds were described by agency counsel and bond counsel as non‑recourse; bond counsel said the debt repayment would depend on special assessed payments tied to the developer’s property rather than on the agency’s or borough’s general funds. “The holders cannot look to the general funds of the agency or to any funds of the borough,” Bond counsel said, adding that “the only payment that bondholders can look to for repayment of their debt service is the special assessed payment made by the developer.”
Agency staff…
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