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Agency advances Riverton financing and legal contracts; bonds, legal services and bills approved
Summary
The agency moved forward with several redevelopment-administration items: authorization to hire a tax-lien expert, approval of bills, a contract with GMS Law for Riverton legal services, and updates on RAB bonds and Hercules site marketing; project partners clarified that the land purchase price was $80 million and remediation cost estimates were discussed.
The Sayreville Economic and Redevelopment Agency approved a slate of administrative and financing items connected to the Riverton redevelopment.
What passed: Commissioners approved a limited engagement of a tax-lien legal expert (up to $5,000, time-limited), authorized payment of the agency's bills, and authorized a contract with GMS Law to provide legal services for Riverton. Each of these items passed by roll-call votes.
RAB bonds and project financing: Agency staff said they will present a resolution next month authorizing the first round of redevelopment-area bonds (RABs) for Riverton; the administration and project team said proposed bond proceeds would be used in part to retire an outstanding county loan and to fund several public improvements the agency has committed to, including emergency-services equipment and a waterfront promenade. A project representative clarified that the land was purchased for $80 million and the developer assumed remediation costs (the representative stated remediation was approximately $150 million); staff said whether the bonds retire the county loan in full will depend on market pricing of the bonds and final documents.
Hercules site and data-center interest: Staff reported several inquiries for the former Hercules property, with some developers proposing data-center uses. Staff and the project team said the key outstanding questions are power availability and water supply; the agency has engaged CHA Solutions to do a feasibility study on power availability for potential campus-scale uses.
Votes at a glance (selected): - Approval of the January 8, 2026 minutes: unanimous roll call (Commissioners Davis, Dewise, Fischer, Gillow, Rios Roberts, Scott and Chairman Zabowski voted yes). - Resolution to hire a tax-lien expert (2026-204): approved by roll call; one commissioner explained she would abstain from votes for which she had not received materials in advance. - Authorization of payment of bills: approved by roll call; operating total and escrow totals were announced to the body. - Contract with GMS Law for Riverton legal services (2026-207): approved by roll call.
Next steps: Staff will return with the RAB-bond authorization in March and continue negotiations and document work related to Riverton financing; the CHA feasibility study and ongoing outreach to potential developers for the Hercules site will continue.
