The Long Branch Council has introduced a $24.9 million bond ordinance to help a developer start construction of the final phase of Pier Village.
The money will be lent to the developer, Fountains Applied LWAG LLC, and be paid back in lieu of taxes after the oceanfront development is completed.
According to the ordinance, the third phase of Pier Village will contain a 68-room hotel, retail and recreational space and off-street parking.
The council has said construction is expected to begin in January and will be done in two phases.
The first phase will include the expansion of the boardwalk and construction of the hotel, along with most of the residential and retail space. It also will include reconfiguring Ocean Avenue so that it will have one northbound lane and one southbound lane that will wrap around the public space. Morris Avenue would also see some changes, including a circle that would help ease traffic onto the street from Ocean Avenue.
The second phase will include the remainder of the residential and retail space along with the construction of a large, underground parking garage that will be accessible from Morris Avenue.
Construction of the first phase could begin in January, 2013, and the second phase of the project would begin 15-18 months later, around Labor Day, 2014.