Lakewood Committee Borrowing $100 Million For Infrastructure

 The Lakewood township committee will vote today on a second reading to adopt an ordnance for infrastructure improvements  that will cost Lakewood taxpayers over $100 million.  $97 nillion wlll be bonded for future years. Lakewood taxpayers are already in debt from the BOE by $200 million  this will put the debt on future generation by $300 million. On the list of projects is $7.2 million improvements to the Blueclaws stadium which is owned by Lakewood township and leased out tor only $150k a year for 40 years. Local taxpayers have expressed outrage on social media at this proposal as there was no return on investment after tax payers paid to build the stadium for 25 million and the team dropped the word Lakewood from their name when they rebranded to Jersey shore Blueclaws.

 Public Comments for the meering may be made via email up until 11:30 am on the day of the meeting at premeetingcomments@lakewoodnj.gov or during the meeting via comments@lakewoodnj.gov

See full resolution below

The largest ticket items to be paid for include (complied by Faanews)

-$29.8 million for sewer, drainage and roadway improvements, most notably to Vermont Ave. between Oak and Essex and Vine Ave between Pine and Cedar Bridge.

-$22 million on road and sidewalk improvements including Pine St between Route 9 and New Hampshire Ave, the walking path around Lake Carasaljo and the area of the New Jersey Transit bus terminal.

-$15 million to complete Phase 2 of the Vine Ave extension from Pine St to Oak St

-$12.7 million to upgrade the Township's parks which includes $5 million for an inflatable sports dome at John Patrick Park. Township officials have said that while local sports clubs will be able to use the dome free of charge, there is a strong likelihood that the facility will also be rented out for private events.

-$7.2 million for upgrades and improvements to ShoreTown Ballpark, formerly known as BlueClaws Stadium.

-$6 million for traffic signal installation and improvements at Vermont Ave and Route 70, Park Ave and E. 7th St, Monmouth Ave and 4th Street and at John Patrick Park.

Back in February 2023 Township officials had discussed an $18 million capital improvement plan with the Asbury Park Press, the current plan will spend more than five and one half times that amount.

Official ordnance:

2024-002 Bond Ordinance Of The Township Of Lakewood, In The County Of Ocean, New Jersey Providing For Various Capital Improvements And The Acquisition Of Various Capital Equipment, Appropriating $106,100,590 Therefor And Authorizing The Issuance Of $97,155,650 Bonds And Notes To Finance A Portion Of The Costs Thereof, Authorized In And By The Township Of Lakewood, In The County Of Ocean, New Jersey

BE IT ORDAINED by the TOWNSHIP COMMITTEE OF THE TOWNSHIP OF LAKEWOOD, IN THE COUNTY OF OCEAN, STATE OF NEW JERSEY (not less than two-thirds of all members thereof affirmatively concurring), AS FOLLOWS:

Section 1. The improvements described in Section 3 of this bond ordinance are hereby authorized as general improvements to be undertaken in and by the Township of Lakewood, in the County of Ocean, New Jersey (the “Township”). For the improvements or purposes described in Section 3, there is hereby appropriated the sum of $106,100,590, said sum being inclusive of all appropriations heretofore made therefor, including $3,831,485 grant funds expected to be received from the New Jersey Department of Transportation (NJDOT), and the sum of $5,113,455 as the down payment for said purposes as required by the Local Bond Law, N.J.S.A. 40A:2-1 et seq. The down payment is now available by virtue of budget appropriation and provision for down payment or for capital improvement purposes in the Capital Improvement Fund of one or more previously adopted budgets.

Section 2. In order to finance the costs of said improvements or purposes not provided for by the application of the down payment, negotiable bonds are hereby authorized to be issued in the principal amount not to exceed $97,155,650, pursuant to the Local Bond Law. In anticipation of the issuance of said bonds and to temporarily finance said improvements or purposes, negotiable bond anticipation notes are hereby authorized to be issued pursuant to and within the limitations prescribed by the Local Bond Law.

Section 3. (a) The improvements hereby authorized and the purposes for which the obligations are to be issued consist of:

i) improvements to the Township Department of Public Works (DPW) Complex Building #2 including, but not limited to, the acquisition and installation of overhead door retrofits, with a total appropriation and estimated cost of $506,000, estimated maximum amount of bonds or notes therefor of $480,700, and an average period of usefulness of five (5) years;

ii) acquisition of various vehicles for the Township DPW, including, but not limited to, automated trucks, rear load trucks, front load trucks, tractors, small rear load trash trucks, tree bucket truck, administrative vehicles, box trucks and pick-up trucks, with a total appropriation and estimated cost of $9,054,500, estimated maximum amount of bonds or notes therefor of $8,601,775, and an average period of usefulness of five (5) years;

iii) road and sidewalk improvements at various locations in the Township, including, but not limited to, Pine Avenue from New Hampshire to Route 9, path paving at Lake Carasaljo, Lanes Mill sidewalk improvements, general road, sidewalk and drainage maintenance, Township congressional appropriations road request, Township road improvement program including Ridgeway Place and Drake Road improvements, sidewalk construction at various County of Ocean road locations, Ridge Avenue sidewalk improvements, East 9th Street , East 7th Street and 6th Street roadway improvements, and improvements to the Township NJ Transit Bus Terminal Pedestrian, with a total appropriation and estimated cost of $22,005,749, including $2,099,628 grant funds expected to be received from the NJDOT, estimated maximum amount of bonds or notes therefor of $18,910,815, and an average period of usefulness of ten (10) years;

iv) improvements and upgrades to the ShoreTown Ballpark located in the Township, in accordance with a shared services agreement to be entered into with the Lakewood Industrial Commission, with a total appropriation and estimated cost of $7,200,000, estimated maximum amount of bonds or notes therefor of $6,840,000, and an average period of usefulness of fifteen (15) years;

v) acquisition of various heavy duty equipment for the Township DPW, including, but not limited to, roll-off trucks, dumps and plows, walking floors, brine making system and a tree chipper, with a total appropriation and estimated cost of $1,669,784, estimated maximum amount of bonds or notes therefor of $1,586,295, and an average period of usefulness of fifteen (15) years;

vi) various improvements to Township parks, including, but not limited to, acquisition of playground, park and recreation equipment, DPW playground replacement equipment and the Sports Dome Additional Services Project, with a total appropriation and estimated cost of $12,799,719, estimated maximum amount of bonds or notes therefor of $12,159,733, and an average period of usefulness of fifteen (15) years;

vii) improvements to various roadways in the Township, including, but not limited to, Phase 2 of the Vine Avenue extension from Pine Street to Oak Street, cross street traffic evaluation program, general roadway improvement program, roadway improvements to August Drive and Brookfield Drive, and Forest Avenue roadway improvements, with a total appropriation and estimated cost of $15,596,571, including $554,554 grant funds expected to be received from the NJDOT, estimated maximum amount of bonds or notes therefor of $14,289,916, and an average period of usefulness of twenty (20) years;

viii) traffic signal installation and improvements at various locations in the Township, including but not limited to, the NJDOT Bikeway Program at John F. Patrick Park and Township Industrial Park, the Advanced Transportation Management System Evaluation and Pilot Program, Vermont Avenue and Route 70 intersection improvement project, Park Avenue and East 7th Street and intersection improvements at 4th Street and Monmouth Avenue, with a total appropriation and estimated cost of $5,972,063, including $502,303 grant funds expected to be received from the NJDOT, estimated maximum amount of bonds or notes therefor of $5,196,272, and an average period of usefulness of twenty-five (25) years;

ix) various Township-wide Class B building improvements, including, but not limited to, inspections and code enforcement, with a total appropriation and estimated cost of $717,500, estimated maximum amount of bonds or notes therefor of $681,625, and an average period of usefulness of thirty (30) years;

x) various Township-wide sewer, drainage and related roadway improvements, including but not limited to, Arboretum Parkway, Columbus and Nostrand Avenue Parks, Vermont Avenue roadway improvements (Oak to Essex), Vine Avenue construction (Pine to Cedar Bridge), Rosebank Street, Leonard Street and Park Avenue roadway improvements, Frances Street roadway improvements, Forest Drive and Gladiola Court dam groundwater seepage issues, Marlin Avenue and Coral Avenue drainage improvements, Manetta Place drainage and Ridge Court drainage, with a total appropriation and estimated cost of $29,827,874, including $675,000 grant funds expected to be received from the NJDOT, estimated maximum amount of bonds or notes therefor of $27,695,230, and an average period of usefulness of twenty (20) years;

xi) acquisition of land in the Township, commonly known as Patrick Park, consisting of parcels described as Block 1047; Lot 1, Block 1046; Lot 1, Block 1052; Lot 1, Block 1053; Lot 1,Block 1056; Lot 1, Block 1057; Lot 1, Block 1058; Lot 1, Block 1059; Lot 1, Block 1060; Lot 1 and Block 1061; Lot 1 on the Tax Map of the Township, including all rights or interests therein, with a total appropriation and estimated cost of $750,830, estimated maximum amount of bonds or notes therefor of $713,289, and an average period of usefulness of forty (40) years,

together with all purposes necessary, incidental or appurtenant thereto, all as shown on and in accordance with contracts, plans, specifications or requisitions therefor on file with or through the Township Clerk, as finally approved by the governing body of the Township.

(b) The estimated maximum amount of bonds or notes to be issued for the improvements or purposes described in Section 3(a) hereof is $97,155,650, as stated in Section 2 hereof.

(c) The estimated cost of the improvements or purposes described in Section 3(a) hereof is $106,100,590, which is equal to the amount of the appropriation herein made therefor. The excess of the appropriation of $106,100,590 over the estimated maximum amount of bonds or notes to be issued therefor being the amount of said $5,113,455 down payment for said purposes, and the $3,831,485 total grant funds expected to be received from the NJDOT.

Section 4. All bond anticipation notes issued hereunder shall mature at such times as may be determined by the chief financial officer of the Township, provided that no note shall mature later than one (1) year from its date. All notes issued hereunder may be renewed from time to time subject to the provisions of N.J.S.A. 40A:2-8. The notes shall bear interest at such rate or rates and be in such form as may be determined by the chief financial officer, who shall determine all matters in connection with notes issued pursuant to this ordinance, and the chief financial officer's signature upon the notes shall be conclusive evidence as to all such determinations. The chief financial officer is hereby authorized to sell part or all of the notes from time to time at public or private sale and to deliver them to the purchasers thereof upon receipt of payment of the purchase price plus accrued interest from their dates to the date of delivery thereof. The chief financial officer is directed to report in writing to the governing body at the meeting next succeeding the date when any sale or delivery of such notes occurs, such report shall include the amount, the description, the interest rate and the maturity schedule of the notes sold, the price obtained and the name of the purchaser.

Section 5. The following additional matters are hereby determined, declared, recited and stated:

(a) The improvements or purposes described in Section 3 of this bond ordinance are not current expenses and are improvements or purposes that the Township may lawfully undertake as general improvements, and no part of the cost thereof has been or shall be specially assessed on property specially benefited thereby.

(b) The average period of usefulness of the improvements or purposes, within the limitations of the Local Bond Law and taking into consideration the amount of the obligations authorized for said purposes, according to the reasonable life thereof computed from the date of the bonds authorized by this bond ordinance, is 16.07628 years.

(c) The Supplemental Debt Statement required by the Local Bond Law has been duly prepared and filed in the office of the Township Clerk, and a complete executed duplicate thereof has been filed in the office of the Director of the Division of Local Government Services in the Department of Community Affairs of the State of New Jersey. Such Statement shows that the gross debt of the Township as defined in the Local Bond Law is increased by the authorization of the bonds and notes provided in this bond ordinance by $97,155,650 and the obligations authorized herein will be within all debt limitations prescribed by that Law.

(d) An aggregate amount not exceeding $16,445,016 for interest on said obligations, costs of issuing said obligations, engineering costs, legal fees and other items of expense listed in and permitted under N.J.S.A. 40A:2-20 is included as part of the cost of said improvements and is included in the estimated cost indicated herein for said improvements.

(e) To the extent that moneys of the Township are used to finance, on an interim basis, costs of said improvements or purposes, the Township reasonably expects such costs to be paid or reimbursed with the proceeds of obligations issued pursuant hereto.

Section 6. The capital budget of the Township is hereby amended to conform with the provisions of this ordinance to the extent of any inconsistency herewith. The resolution in the form promulgated by the Local Finance Board showing full detail of the amended capital budget and capital program as approved by the Director of the Division of Local Government Services is on file with the Township Clerk and is available there for public inspection.

Section 7. Any grant or similar moneys from time to time received by the Township for the improvements or purposes described in Section 3 hereof, shall be applied either to direct payment of the cost of the improvements within the appropriation herein authorized or to payment of the obligations issued pursuant to this ordinance. The amount of obligations authorized but not issued hereunder shall be reduced to the extent that such funds are received and so used.

Section 8. The full faith and credit of the Township are hereby pledged to the punctual payment of the principal of and the interest on the obligations authorized by this bond ordinance. The obligations shall be direct, unlimited obligations of the Township, and, unless paid from other sources, the Township shall be obligated to levy ad valorem taxes upon all the taxable property within the Township for the payment of the obligations and the interest thereon without limitation as to rate or amount.

Section 9. This bond ordinance shall take effect twenty (20) days after the first publication thereof after final adoption, as provided by the Local Bond Law.

CERTIFICATION

I, Lauren Kirkman, Township Clerk of the Township of Lakewood, do hereby certify that the above is a true copy of a Resolution duly adopted by the Township Committee of the Township of Lakewood in the County of Ocean, at its meeting held on February 15, 2024.