Local Finance Board OKs funding requests for solar energy, new firehouses, more

TRENTON – The Local Finance Board approved a $100 million county guarantee by Monmouth County Improvement Authority for solar project financing.

* In addition, the board OK’d a renewal of notes, $2.375 million, which originally were for acquisition and redevelopment of a 38-acre project site in Clementon on Route 30. The project includes a mix of 205 residential units, mostly condos and town homes, as well as some commercial space, with the intent of rehabilitating a deteriorated location, county officials testified.

* Also, the board OK’d a $30 million Camden County guarantee regarding financing of outstanding 2010 project notes for capital budget purposes.

* An application for $8.279 million for Pleasantville was deferred until next month.

* The board approved conditionally an application from Mercer County Improvement Authority for $31 million in project financing for a 10-megawatt solar energy project at Mercer County Community College.  The Authority is funding 70 percent of the project cost with Sunlight General selected for the project. Its bid came in at 3 cents per kilowatt hour, officials said. Sunlight is funding 30 percent of the project cost in equity, officials said.

* The board approved $5.1 million for Bordentown City under the Proposed Non-Conforming Maturity Schedule in connection with a redevelopment project.

* The board approved $370,000 for Woodbridge Township Fire District #4 to rebuild a fire department truck after voters withheld approval of a new truck purchase because it would exceed $1 million.

* Similarly, the board gave its OK to Buena Vista Township Fire District 2 for $1.75 million in project financing related to new firehouse construction. The District has a 30-year financing deal with USDA.

Buena Vista Township Fire District #1 had a proposal for $1.509 million related to a new firehouse to replace an older building that dates to the early 1900s. Similarly, the District has procured 30-year financing, at 4 percent. The board approved the measure.

* In Hopewell Township, the board approved $9,100,000 under the Proposed Waiver of Down Payment application in connection with a $9.3 million bond ordinance for an open space acquisition and sewer project.