Council Introduces $3.35M Bond for Parking-Lot Upgrades and Seeks NJIB Note for K Street Work

The Seaside Park Borough Council on Thursday introduced a bond ordinance to fund reconstruction of parking lots 1, 2 and 3 and heard staff explain related infrastructure timelines.

Clerk read bond ordinance 2-26-32, which appropriates $3,350,000 and authorizes issuance of bonds or notes in that amount to finance the parking-lot improvements. Council Member Kraft moved to introduce the ordinance on first reading and the motion carried on roll call.

Separately, counsel explained Resolution R-26-295 would authorize the borough to sell a short-term note to the New Jersey Infrastructure Bank for up to $1,300,000 to close a loan under that bank’s Transportation Bank short-term loan program, with proceeds earmarked for the K Street roadway improvement project. Counsel said the measure is a closing of the short-term loan and related to the K Street work; the council read details from bond counsel as presented on the agenda.

Staff provided timing and contractor updates for related projects: parking-lot reconstruction pre-construction is scheduled for July 23, with reconstruction beginning in September; K Street roadway improvements construction is scheduled to begin Sept. 8, with pipe work, concrete and base work in fall/winter and final paving in spring to allow settlement. The 14th Avenue pump-station low bid (JBS) was $1,053,625; the borough said it is seeking the county’s matching contribution at 50% of the bid amount.

Both the bond ordinance (first reading) and the NJIB short-term note authorization were advanced as described and will return for further procedural steps, including formal adoption and closing actions where required.