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Millville commission hears plan to clear path for 225‑acre CRP redevelopment; $400,000 non‑recourse bond explained
Summary
Redevelopment counsel explained a $400,000 non‑recourse redevelopment area bond and a first amendment to the CRP purchase-and-sale and redevelopment agreements that swaps phase sequencing, revises timelines and removes closing conditions to enable an April 15 closing; commissioners stressed Nabb Avenue funding remains a critical contingent item.
Redevelopment counsel Parker Kimmel told the Millville City Commission that the city is preparing to close on the sale of 225 acres to a private redeveloper known in the meeting as CRP and that the transaction includes a $400,000 redevelopment area bond (RAB) earmarked for public improvements, including the extension of Nabb Avenue. Kimmel said the RAB is non‑recourse to the city and carries 0% interest, and that Local Finance Board approval was obtained in April 2025.
Kimmel said the financial agreement ties a 30‑year service‑charge framework to the project and that, for the first 10 years, the pilot payment structure results in an initial payment rate under the 10% statutory threshold. "We were in front of the Local Finance Board in April of 2025 and got their approval for this bond," Kimmel said, adding that the $400,000 would be…
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