City Looks to Bond $24.9 Million For Pier Village Addition

Money will be paid back to city in lieu of taxes by developer

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.

J Wowers August 15, 2012 at 02:02 PM
They keep adding to Long Branch, so more and more people will move to & visit the area, however they haven't hired more police and fire... Someone needs to be able to handle these larger crowds...
Jane Burr August 15, 2012 at 05:16 PM
how does underground parking work at the oceanfront? Flotation devices with your ticket to park? What is the accounting principle behind paying back a loan vice paying taxes? Something smells a little fishy at The Pier.
Lori Ann August 15, 2012 at 06:07 PM
No one is pissed off that the City is bonding 24.9 mil and the developer gets to pay it back IN LIEU of paying their property taxes?? Did any of us ever get that option?? Unfrigginbeleivable! The article doesn't even say how long the developer has to pay it back! Why didn't they get a bank loan like every other schmuck has to??
Phil August 15, 2012 at 09:24 PM
Who did the math on this proposal? How is it feasible that a loan, which is probably interest free to the developer, is a better program than the tax revenues on a 30+ million dollar property. What happens if the developer defaults on the loan? Guess who is left picking up those expenses.
John Mathias August 15, 2012 at 09:33 PM
What about DOWNTOWN??? Is there any plan to do something about that embarrassment? 2 blocks from the beach, 50 miles from NYC and it looks like Iraq.
joe August 15, 2012 at 11:17 PM
Great more crap. Schneider has been in long enough. Time for a new mayor!
Peter Koenig August 17, 2012 at 08:17 PM
No. Absolutely not. Our tax money to fund private developers? Why can't the developer get a loan from, um, I don't know, ... a bank? Why is our City in the lending business? One presumes that this project is so dubious that, even with interest rates near historic lows, no legitimate lender would finance it. First the "ferry pier" nonsense - boat rides for the over-privileged - and now this. Actually, if the City is now a bank, can they lend me some of my tax money? I want to build an elephant in Long Branch; like the Margate elephant; only this one will be really big. And white. Yep, a white elephant.
Union Electrician August 28, 2012 at 08:50 PM
BUILD IT AND THEY WILL COME, Great Job Mayor Schneider
joe August 28, 2012 at 09:06 PM
Sorry Peter. Only the Mayor gets the money. Surprise, surprise!
Peter Koenig August 28, 2012 at 09:15 PM
I want my white elephant. Pleeeeeze?


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