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Highland Park council adopts $4.5 million bond ordinance to start South 3rd Plaza project
Summary
The Borough Council adopted Ordinance 26-21-31, authorizing a $4.5 million appropriation (including a $1 million state grant) and $4,074,000 in bonds or notes to begin work on the South 3rd Plaza; staff said additional county and state funds are pending and the borough expects to limit its final share as grants and developer contributions are finalized.
Highland Park's Borough Council on July 7 adopted Ordinance 26-21-31, authorizing a $4,500,000 appropriation for the South 3rd Avenue Plaza project and the issuance of $4,074,000 in bonds or notes to finance part of the work.
The ordinance, read by title at the meeting and followed by a public hearing, includes a $1,000,000 portion from the New Jersey Department of Community Affairs that staff said is secured and partly received. Borough staff told the council they have also requested $1,500,000 from Middlesex County and are pursuing additional state funding.
"We have secured $1,000,000 toward this project through the state," the administrator said, adding that roughly 75% of that grant had already been received and that temporary notes could be issued so construction can proceed while remaining grants are finalized. The administrator also said negotiations with the redevelopment partner could provide additional funds to offset the borough's share.
Residents at the public hearing expressed both support for the plaza and concern about taxpayer exposure. Terry Rosenberg asked what the borough's financial responsibility will be and urged the council to seek greater developer contributions. "How are the taxpayers? What will their responsibility be?" Rosenberg asked.
Supporters of the plaza described it as a long-awaited community amenity. Andrew Alexander, speaking on Zoom, called the project "a great investment" that would improve the town and said he expected state and federal funding to help cover costs.
Council members and staff said the ordinance authorizes the maximum appropriation and bonding needed to start the project but does not lock the borough into a final permanent financing amount; once grants, county contributions and redevelopment-agreement proceeds are finalized, the borough's permanent debt issuance would be adjusted to reflect actual funding received.
The ordinance passed on final reading by roll call. The council will proceed with temporary financing as needed and continue negotiations and grant processes before issuing permanent bonds.
